The payments on the Visa crypto-backed cards reached $1bn in the first six months of 2021, the global payment company reported yesterday in the cryptocurrency news sources.
Visa issues crypto-linked cards for 50 digital currency platforms, enabling simple and comfortable exchange and payment transactions for the customers. With these cards, users can spend crypto across the global network of 70 million merchants.
Moreover, cardholders can make payments in crypto at stores that don’t directly accept digital currency, as the Visa company handles the exchange.
Visa expands its crypto network
According to the experts from Visa Inc., the company is currently working on the expansion of its cryptocurrency ecosystem. In fact, it has recently partnered with such crypto platforms as Coin Zoom, FTX, Crypto.com, and Coinbase Global. Furthermore, 25% of all Fintech Fast Track program participants are going to use crypto-backed Visa cards.
To contribute to the development of the digital currency, Visa also maintains loyalty programs, such as BlockFi Credit Card, handing out rewards in crypto.
The company is also shifting its focus on stablecoins as a part of its crypto strategy. Experts state that there are more than $100bn of the fiat-backed stablecoins in use, and the number is only going to increase. As of March 2021, Visa cards can handle transactions in the US stablecoin, the USDC.
Visa has added that its partner, the FTX, is going to hand out payments for half of its remote employees in stablecoins.