Visa: more than $ 1 billion spent on using cryptocurrency-related cards in 2021

Financial services giant Visa has revealed it spent more than $ 1 billion on cryptocurrencies with the help of cards in the first half of 2021.

The company has partnered with more than 50 cryptocurrency-related companies, including the FTX and Coinbase exchanges, to transform its customers and pay for the digital assets of more than 70 million traders worldwide.

“Traders don’t need to change anything. This would be the same as any other visa transaction with them. But at the back end, crypto assets are instantly transformed into fiat,” says Kai Sheffield, head of cryptocurrency at Business Insider, visa.

Sheffield added that the number of consumers trading and storing cryptocurrency was growing. “Then there are millions of traders who don’t really understand crypto,” he said. ”they don’t want to update their outlets and terminals to find out what blockchain is.”

Speaking to CNBC, Visa CFO Vasant Prabhu said the company is trying to create an ecosystem that makes cryptocurrency more useful and more similar to other currencies.& quot;

Visa completes first cryptocurrency transaction on Ethereum
In late March, Visa announced that it would be able to trade in U.S. currency on its payment network. The pilot project, launched earlier this month, saw an application for crypto trading send a USDC transaction to the Visa ethereum address at the Anchorage digital asset bank.

However, Visa does not plan to follow the example of Tesla and MicroStrategy buying bitcoins for its own corporate coffers. “We don’t have cryptocurrency on our balance sheet today, “Prabhu said, adding that the company has currency that” we pay or pay people money ” like dollars, pounds or Euros. “therefore, we have no plans to store cryptocurrency because we are often paid the wrong way or the wrong way how we pay people.”

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