Visa has now partnered with more than 65 crypto platforms and exchanges. Additionally, the payments giant announced that crypto card usage surpassed $2.5 billion in its fiscal first quarter, “which already accounts for 70% of its full-year 2021 payments volume.”
Visa outlines crypto strategy and achievements
Visa Inc. discussed its crypto strategy and achievements during the company’s conference call on Thursday. Visa CEO Al Kelly said, “Many current payment trends, including … crypto and wallets, are enabling new ways to pay. These are opportunities for Visa.”
Referring to his company’s efforts in the crypto space, the executive stressed:
We also provide entry ramps for crypto players connecting to fiat economies. There are over 65 crypto platforms and exchanges that have partnered to issue Visa credentials.
Recently, Bitcoin.com News reported that consumers can spend cryptocurrency at 80 million merchants using crypto-linked Visa cards. However, CEO Kelly said during the call that the actual figure is “closer to 100 traders.”
The Visa chief also revealed, “During the quarter, Visa credentials and crypto wallets had payment volume in excess of $2.5 billion, already accounting for 70% of full-year 2021 payment volume.”
In July, Visa announced that crypto card usage hit $1 billion in the first six months of 2021.
Additionally, the Visa CEO stated, “In addition to embedding credentials and crypto platforms, we continue to innovate around our billing and crypto API capabilities,” stating:
We will continue to lean into the crypto space. And our strategy is to be a key partner that provides the connectivity, scalability, consumer value proposition, reliability, and security needed for crypto offerings to grow.
Kelly also mentioned his firm’s recently launched “specialized global consulting practice” for cryptocurrency. Meanwhile, Visa currently has no plans to hold crypto on its balance sheet.
Visa CFO Vasant Prabhu said in an interview with CNBC on Friday:
We have seen this payment volume continue to grow despite the volatility in the crypto markets.
What are your thoughts on Visa’s efforts in crypto? Let us know in the comments section below.
As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.
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