Visa says over $1bn spent on crypto-linked cards in six months

AT LEAST $1 BIL LION WAS SPENT on Visa’s crypto-linked cards in the first half of the year, the card payment firm has disclosed.

It was a clear indication yet that the value of crypto assets held in regulated digital wallets was in the hundreds of billions. Visa also disclosed that it was also partnering with leading crypto platforms on card programmes as it makes efforts for its network to be more accessible to grow the digital wallet ecosystem.

“With more than $1bn spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network. We are partnering with 50 of the leading crypto platforms on card programmes that make it easy to convert and spend digital currency at 70 million merchants worldwide,” Visa said.

It added: “We are seeing digital wallets and crypto platforms build payment products entirely with digital currency. For example, the fast-growing FTX platform, a new Fintech Fast Track member we’re announcing today, is paying 50 percent of their remote employees in USDC. “We are making our network more accessible to this growing ecosystem with capabilities like USDC settlement and through our partnership with Circle. As we look to the future, stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development,” Visa added.