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Visa Crypto-Related Spending on Goods and Services Tops $1 Billion

Visa Crypto-Related Spending on Goods and Services Tops $1 Billion
  • Visa said its crypto-linked card usage exceeded $1 billion in the first 6 months of 2021.
  • Moreover, Visa compared this year’s spending with that of 2020 and 2019.

According to Visa, crypto-linked card usage exceeded $1 billion in the first 6 months of 2021.

On Wednesday, Visa noted that consumers globally spent more than $1 billion worth of crypto on goods and services through their crypto-linked cards in the first half of 2021.

As a result, this is a positive result for the company that has initiated partnerships with many crypto operators. This includes Coinbase, Binance, Crypto.com, and many more.

Moreover, Visa compared this year’s spending with that of 2020 and 2019. The firm said that in the years 2020 and 2019, the crypto-related spending at that time was only a fraction of today’s amount.

In an interview, Visa CFO Vasant Prabhu said,

We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency. People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for.

“There are lots of issues in terms of volatility, etc. But that’s up to the owners of cryptocurrencies to manage and track,” he added.

In addition, Prabhu said that they see a lot of volume on their network of people buying cryptos at these various regulated exchanges as far as they can see that trend continues.

Visa said digital payments such as crypto could disrupt $18 trillion of annual consumer spending with cash and checks. These digital payment systems include biometrics and QR codes.

Currently, the firm partnered with Coinbase, Circle, and BlockFi to enable its cards to enter crypto wallets on those platforms.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.