Visa makes it easier for crypto owners to spend their digital currencies
Visa's head of crypto explained that crypto-linked cards make it easier for businesses to accept crypto payments.
Thu, 23 Dec 2021, 12:00 pm UTC
As the adoption of cryptos such as Bitcoin (BTC) and Ether (ETH) continues to surge worldwide, Visa is making it easier for crypto-owning cardholders to use their digital currencies. The payments giant revealed that it has partnered with various crypto platforms to allow customers to convert and spend their digital currencies.
Cuy Sheffield, Visa’s head of crypto, noted that the uses of cryptocurrency and its underlying technology have become increasingly diverse. “While crypto wallets were initially used primarily to store cryptocurrencies, people are now using them for things like discovering new music or art,” Sheffield told NDTV in an interview. “Crypto wallets increasingly have the potential to become a super app, ingrained in consumers' daily lives.”
He also noted the increasing crypto adoption and demand for related services. To cope up with this increase, Visa has expanded its team and has grown its number of partnerships, and has now arrangements with 60 crypto platforms.
“At Visa, the scale and scope of our work in crypto has grown dramatically,” Sheffield explained. “The number of people cross-functionally at Visa working on crypto in some capacity is now in the hundreds – up from just a handful of employees. And we've more than doubled our number of partnerships with crypto platforms in the last 18 months – up to 60 partnerships today.”
The Visa executive explained that these partnerships make it easier for crypto-owning cardholders to use their coins. “We've partnered with more than 60 of the leading crypto platforms, like FTX, BlockFi, Crypto.com, Coinbase, and Binance, to launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide,” he added.
Sheffield explained that crypto-linked cards make it easier for businesses to accept crypto payments. “All the conversions from crypto to fiat happen instantly, behind the scenes. In-store, online, it's as easy as a standard Visa transaction,” he said. “Consumers that want to use crypto have the opportunity to convert and spend their digital currency while going about their everyday activities.”
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