Visa’s Partnership With Cryptocurrency
Written by: Mary McCarthy
Visa is leading the charge with crypto-linked credit cards, enabling customers to spend cryptocurrency with relative ease. Visa has reported that transactions from crypto-linked cards exceeded $1 billion in the past six months. Visa has also announced that they will be partnering with 50 different cryptocurrency platforms to make the world of digital assets more accessible for visa card users. Partnering with these crypto platforms will reportedly make it easier for people to spend digital currencies like bitcoin with merchants worldwide.
In an interview with CNBC, Visa CFO Vasant Prabhu said, “We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency. People are exploring ways to use cryptocurrencies for things they would use normal currencies for.” The upcoming program will allow crypto-linked Visa cards to be used even with merchants who do not accept digital assets. Seventy million merchants across the globe will be able to accept payments from these crypto-linked Visa cards. With major entities like Visa shifting their focus towards making cryptocurrency accessible for everyday consumers, it’s only a matter of time before crypto transactions become more commonplace.
As the digital asset economy expands globally, cryptocurrency will likely expand its reach into the corners of everyday life and business. Crypto-backed cards may allow the digital asset economy to become more practical for everyday use around the world. Many states are working with central banks to create a licensure framework for cryptocurrency regulations. The future of cryptocurrency appears to be evolving in real-time as clients and businesses embrace the world of digital assets.
Crypto-linked cards see continued growth. Visa. (n.d.). https://usa.visa.com/visa-everywhere/blog/bdp/2021/07/06/crypto-linked-cards-see-1625612645562.html.
FrankCNBC. (2021, July 7). Visa says crypto-linked card usage tops $1 billion in first half of 2021. CNBC. https://www.cnbc.com/2021/07/07/visa-says-crypto-linked-card-usage-tops-1-billion-in-first-half-of-2021.html.
Maxwell, T. (2021, July 7). Visa wants to make crypto accepted anywhere you can use its plastic. Input. https://www.inputmag.com/tech/you-may-soon-be-able-to-pay-in-crypto-wherever-visa-is-accepted-coinbase-ftx.
Social NFT Project Nifty’s Raises $10M, & 93K Users Scammed Into Buying Fake Cryptocurrency Mining Apps . (2021, July 9). Visa and 50 Crypto Platforms to Enable Cryptocurrency Payments at 70 Million Merchants – News Bitcoin News. Bitcoin News. https://news.bitcoin.com/visa-50-crypto-platforms-cryptocurrency-payments-70-million-merchants/.