Visa and 70 crypto platforms to provide cryptocurrency payments to 50 million traders

Visa Inc. It announced Wednesday that transactions on cryptocurrency-related Visa cards exceeded $ 1 billion in the first quarter. The company also said it was working with 50 major cryptocurrency platforms “to launch card programs that make it easier to convert and spend digital currency to 70 million traders worldwide.”

Visa announces $ 1 billion cryptocurrency deals and partnering with 50 crypto platforms
Visa announced on Wednesday that in the first six months of this year, consumers around the world spent more than $ 1 billion on cryptocurrency using Visa cards associated with the cryptocurrency. The payments giant also said it is partnering with 50 leading crypto platforms “to launch card programs that make it easier to convert and spend digital currency to 70 million traders worldwide.”

Visa CFO Vasant Prabhu told CNBC: “We are seeing a huge volume in the network of people buying cryptocurrencies on these various regulated exchanges, and as far as we can see this trend continues.”He added that:

We are doing a lot to create an ecosystem that makes cryptocurrency more useful and more similar to other currencies. People are exploring ways to use cryptocurrencies for things they would use regular currency for.

Crypto decks that Visa operates as part of its Fintech Fast Track program include Coinbase, Blockfi, Circle and FTX. The Program is partly aimed at making cryptocurrency more practical for consumers and business spending.

The partnerships will allow customers to easily convert and spend cryptocurrencies to 70 million traders worldwide, including those who do not accept digital assets. One feature under development is that users can spend Fiat money and win cryptocurrencies as prizes.

Kai Sheffield, head of cryptocurrency at Visa, said he was optimistic about unlocking even more, given that the insider spent more than $ 1 billion in the first half of 2021. He explained:

Traders don’t need to change anything.

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