After Visa’s partnership with cryptocurrency platforms…the use of cards linked to cryptocurrency has increased
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Answer After Visa’s partnership with cryptocurrency platforms…the use of cards linked to cryptocurrency has increased
Visa has previously partnered with more than 65 crypto platforms.
Payments giant Visa revealed that crypto-linked card usage exceeded $2.5 billion in the first fiscal quarter.
Which is already 70% of the volume of payments in fiscal year 2021.
Visa defines its strategy towards the crypto market:
Visa discussed its cryptocurrency strategy and achievements during the release of the company’s earnings data on Thursday.
The CEO of Visa said:
There are many current trends in payments, including…crypto and digital wallets which are new ways to pay.
This presents opportunities for Visa.
Read:Is Tether’s (USDT) settlement really a positive step for the crypto industry?
Regarding Visa’s efforts in the crypto field, the CEO said:
We provide platforms for cryptocurrency operators that establish a connection to monetary economies.
There are over 65 crypto exchanges that have partnered to issue Visa credentials.
We previously mentioned in Bitcoin Arab that consumers will be able to spend cryptocurrencies at 80 million merchants using “Visa” cards linked to crypto.
The Visa chief also revealed:
This quarter, the volume of payments for Visa credentials and cryptocurrency wallets was more than $2.5 billion, which is already 70% of the volume of payments for the whole of fiscal year 2021.
In July, Visa said that crypto-related card usage reached $1 billion for the first six months of 2021.
The CEO of “Visa” went in detail with the following:
In addition to including credentials and crypto platforms, we continue to innovate around our crypto and settlement API capabilities.
We will continue to rely on the crypto space.
Our strategy is to be key partners to provide the connectivity, scale, consumer value propositions, reliability, and security needed to grow our crypto offering.
Read:The Private Office of His Highness Sheikh Saeed Al Maktoum signs a partnership with the (Aergo) project
The CEO also noted:
We are developing a professional global consulting practice.
Meanwhile, Visa currently has no plans to hold cryptocurrencies on its balance sheet.
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