Visa Reports Over $ 1 Billion In Crypto Spending In H1 2021

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Global payments giant Visa will continue to support the development and adoption of the cryptocurrency industry as part of its business, the company said in its latest crypto update.

On Wednesday, in an official statement, Visa announced that its encrypted cards processed more than $ 1 billion in total spending in the first half of 2021.

The company noted that Visa has partnered with 50 major crypto companies as well as crypto card programs that allow users to convert and spend digital currency at 70 million merchants around the world. Given the size of the crypto-related Visa card spending, the company said it’s clear the crypto community sees an interest in linking digital currencies to the global Visa network.

Visa stressed that its support for digital currency does not force global traders to directly accept cryptocurrencies like Bitcoin (BTC). As previously reported, Visa has worked with major crypto players like the cryptocurrency exchange platform Crypto.com to enable a crypto settlement system for fiat transactions. The company has also worked closely with other major crypto companies such as FTX exchange, Coinbase, CoinZoom, and others.

The company also said that stable cryptocurrencies tied to the value of other assets or fiat currencies like the United States dollar are starting to deliver on the promise of digital fiat, highlighting its developer-friendly features combined with the reliability of digital fiat. reserves backed by fiat. Stablecoins are poised to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support this development, the company wrote, adding:

We’ve been busy at Visa connecting the crypto-economy to our network of networks, a strategy designed to add value to all forms of money movement, whether on the Visa network or beyond.

Related: BlockFi Starts Shipping Visa-backed Bitcoin Rewards Credit Cards

One of the world’s largest payments companies, Visa made a big leap into the crypto industry last year, partnering with blockchain company Circle, backed by Goldman Sachs, to make its stablecoin USD Coin (USDC) compatible with certain credit cards. The company has since reaffirmed its commitment to crypto payments and fiat access ramps, as well as its particular focus on stablecoin-based integrations.

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