Cryptocurrency: Visa Says Crypto-Linked Card Spending Topped $ 1 Billion In First Half Of This Year

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Visa Inc said on Wednesday that its customers spent more than $ 1 billion on its encrypted cards in the first half of this year, as the payment processor takes steps to make crypto transactions smoother.

The company said it is partnering with 50 cryptocurrency platforms to make it easier for customers to convert and spend digital currencies at 70 million merchants around the world.

This move is in line with Visa’s wider acceptance of digital currencies. In March, the company announced that it would allow the use of USD Coin to settle transactions on its payment network.

Investor sentiment towards cryptocurrencies has deteriorated somewhat recently, with regulatory crackdowns in China and elsewhere. Bitcoin, the world’s largest cryptocurrency, experienced a sharp drop after the euphoria at the start of the year that took it to record highs.

However, a handful of top names continue to step up their involvement in digital assets. Last week, Japanese investment giant SoftBank Group Corp invested $ 200 million in Mercado Bitcoin, one of Latin America’s largest cryptocurrency exchanges.

Wells Fargo & Co said in May that it would incorporate an actively managed cryptocurrency strategy for its high net worth clients, while Goldman Sachs Group Inc launched a crypto trading team the same month.

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