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According to Visa Inc.’s (NYSE: V) third quarter 2021 financial results, the company processed a significant volume of cryptocurrency transactions this year, but the hype is already over.
What happened: As recent reports indicate that Visa saw its crypto cards process more than $ 1 billion in payments in the first half of this year, Visa chief financial officer Vasant Prabhu said in an interview with Bloomberg that the bulk of these transactions took place in the first half of the year. two months of the quarter. He noted that the peak in crypto payments occurred in April and May before dropping in June.
The decline in encrypted card payments is so significant that it can in fact have a major impact on the overall data regarding Visa payments. Prabhu said that without the previous volume of crypto card payments, the cross-border volume could decline even if international travel slowly picks up.
The company has been betting on cryptocurrencies and blockchain technology for some time. In fact, Visa started using stablecoin USD Coin (CRYPTO: USDC) for settlements in late March and has since partnered with many crypto firms to fuel crypto payments – the payments the company has processed for more. a billion dollars in the third quarter.
Price action: Visa stock closed at $ 246.40, 62% lower than Friday. It was trading at $ 246.40 after hours.
Bitcoin (CRYPTO: BTC), on the other hand, is up 7.36% today and trading at $ 41,601, down slightly over the past 24 hours.
2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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