VISA released an official statement earlier this week, revealing their plans to keep supporting the development, as well as the adoption of cryptocurrency, as part of their business. Also, the payments processor announced that its crypto-enabled cards processed in the first half of 2021 more than $1 billion in crypto spending.
Facilitating crypto use
The company added that they are currently partnering with over 50 major companies in the industry, as well as many crypto card programs, in their attempt to allow users to convert and spend digital currencies at 70 million merchants across the world.
Considering the size of crypto spending they have reported so far for the current year, VISA believes that “it’s clear that the crypto community sees value in linking digital currencies to VISA’s global network.”
Finally, they have also been working with some of the major names in the cryptocurrency world, like exchange platform Crypto.com, in an attempt to develop a crypto settlement system for fiat transactions, as well as Coinbase, CoinZoom, and many others.
Considering this, we won’t be surprised if the crypto spending volume will be even bigger by the end of 2021!
VISA, a big fan of stablecoins?
In the same statement, the firm stated that the cryptocurrencies pegged to the value of fiat currencies or any other kinds of assets, also known as stable coins, are finally “starting to live up the promise of digital fiat.” And this is great news for many enthusiasts out there!
“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,” they added.
“We’ve been busy at VISA, connecting the crypto community to our ‘network-of-networks,’ a strategy designed to add value to all forms of money movement, whether on the VISA network or beyond.”