The world’s leading credit card, Visa, announced in an official statement that its cards had processed at least a sum of $ 1 billion in cryptocurrency spending in the first half of 2021 alone. Visa assured that its connection with the digital currency has helped to move the money of this community since, for those clients who keep billions of dollars in their wallets, the best and easiest way to spend those cryptocurrencies is through a visa card.There are around 50 cryptography platforms that are associated with card programs that allow the user to spend or convert their assets into digital currency through 70 million merchants around the world.
These programs do not even require the merchant to accept cryptocurrencies, but rather that the client pays with cryptocurrencies through their Visa card, and the “tap and go” allows the payment to be immediately converted from crypto assets to dollars or any other stable currency which is globally accepted for trade. One of the senior officials at Visa said that at their company, they have recently been engaged with connecting the crypto assets to the central network of networks, which is a strategy designed in order to enhance the value of most types and forms of money and related movement, irrespective of whether they are listed on the Visa network or fall outside of the same.
Along with the latest advances, Visa has also announced the increase of its relationships with the main digital currency platforms, most commonly being FTX, Coinbase, Crypto.com, and CoinZoom, among others in the current trend. This was done with the firm intention of establishing Visa as the network of choice for major cryptocurrency companies.
In this way, a quarter of the companies in Visa’s “Fintech Fast Track” program have been working to issue Visa cards linked to a cryptocurrency platform, with the sole purpose of meeting the needs of consumers, including offering them new tools such as accounts with interest, loans, and direct deposits. For Visa, stable coins are on the way to becoming something important in the digital transformation of financial services, and Visa wants to continue to be part of this development for the coming years. Last March, Visa announced that it began a pilot project that would allow the settlement of transactions in its payment network in cryptocurrencies USD Coin (USDC) through the crypto.com payment platform. Visa has associated with digital asset bank Anchorage and uses the ethereal blockchain for its operations. The Anchorage platform was specifically designed for institutions like Visa to create new crypto products.