In the first half of 2021, the transaction volume of Visa encrypted cards exceeds 1 billion U.S. dollars, and plans to build a cryptocurrency ecosystem

Visa CFO stated that the industry giant is creating an ecosystem to make cryptocurrency more useful and more like any other currency.

Payment giant Visa said on Wednesday that in the first six months of this year, its global consumers spent more than $1 billion in cryptocurrency on goods and services through crypto cards. The company currently cooperates with Coinbase, Circle and BlockFi to allow bank cards to access these Encrypted wallet on the platform. 

Bitcoin World-Visa crypto card transaction volume exceeds 1 billion US dollars in the first half of 2021, plans to build a cryptocurrency ecosystem

Visa Chief Financial Officer Vasant Prabhu told CNBC: ” We are doing a lot of work to create an ecosystem that makes cryptocurrency more useful and more like any other currency. People are exploring how to use cryptocurrency for what they do with fiat currency. “

Visa estimates that encryption-related cards and other emerging payments, including biometrics and QR codes, have the potential to disrupt global annual cash and check expenditures of $18 trillion.

He added: “(Cryptocurrency) has a lot of problems in terms of volatility and so on. But it depends on the owner of the cryptocurrency to manage and track. We see a lot of people on our [network] Of exchanges buy cryptocurrencies, and as far as we know, this trend continues.”

According to previous reports, Visa CEO Al Kelly predicted as early as March that cryptocurrencies may become “extreme mainstream.”

Visa also announced on Wednesday that the FTX cryptocurrency platform founded by billionaire Sam Bankman-Fried will be added to its fintech fast-track program, partly focusing on making cryptocurrency more practical for consumer and business spending.

Bitcoin World-Visa crypto card transaction volume exceeds 1 billion US dollars in the first half of 2021, plans to build a cryptocurrency ecosystem

Prahbu stated that Visa has no immediate plans to add any cryptocurrency to its balance sheet like Tesla, MicroStrategy and other companies have done.

He said: “We don’t have cryptocurrency on our balance sheet today. The currency required for the balance sheet is used to run business, get paid, or make payments. This is often U.S. dollars, euros, and British pounds. Therefore, we do not hold cryptocurrencies. A monetary plan, because this is usually not how we get paid or how we pay employees”.

According to Business Insider reports, Visa plans to establish partnerships with more than 50 companies to allow customers to seamlessly use digital currencies in approximately 70 million merchants worldwide.

Image source: Internet

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/in-the-first-half-of-2021-the-transaction-volume-of-visa-encrypted-cards-exceeds-1-billion-u-s-dollars-and-plans-to-build-a-cryptocurrency-ecosystem/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-07-08 01:34
Next 2021-07-08 01:36

Related articles