Visa has said cryptocurrency transactions worth $1 billion has been conducted via its crypto-linked card in the first half of 2021.
The company, in a statement on Wednesday, said it had partnered leading crypto platforms on card programmes that made it easy to convert and spend digital currency.
According to the payments company, the value of crypto assets held in regulated digital wallets was in the hundreds of billions.
It said, “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.
“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.”
Visa 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 per cent of their remote employees in USDC.
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“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.”
According to the company, there are more than $100 billion worth of stablecoins in circulation and hundreds of billions exchanged each month on public blockchains, making stablecoins starting to live up to the promise of a digital fiat.
