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Crypto adoption is definitely on the rise with payments giant Visa reporting that the cryptocurrency spending using its crypto-enable cards soared to more than $1 billion during the first six months of 2021. The company also revealed its plans related to digital currencies and stablecoins in a recent update.
“We’re partnering with 50 of the leading crypto platforms on card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide,” Visa said in a post on its website. “With more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”
As part of its digital currency roadmap, Visa said that it has been strengthening its ties with leady crypto platforms such as Coinbase, CoinZoom, Crypto.com, and FTX. “The expertise and treasury infrastructure we’ve built have helped establish Visa as the network of choice for crypto native companies,” Visa said.
A one-quarter of the firms in the company’s Fintech Fast Track program is “working to issue Visa cards linked to a crypto platform.” Visa believes that it’s now more important than ever for financial firms to form their own crypto strategy.
Visa is also developing various crypto-based loyalty rewards programs. For instance, it has the BlockFi Rewards Visa Credit Card where card users can spend fiat but earn rewards in crypto.
“By combining engagement in the crypto economy with the utility of a standard Visa card, these programs have potential to win long-term customer loyalty among both crypto enthusiasts and new adopters,” the company said.
With more than $100 billion worth of stablecoins in circulation, Visa believes in the potential for these asset-backed digital currencies. “Stablecoins are starting to live up to the promise of ‘digital fiat’: the developer-friendly characteristics of cryptocurrency combined with the reliability of fiat-backed reserves,” the company noted.
Fintech Fast Track member FTX platform recently announced that it will pay 50 percent of its remote employees salaries in the USDC stablecoin. Visa is making its network more accessible to stablecoin users by adding USDC settlement capability and its partnership with Circle.
“As we look to the future, stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development,” the payments giant added.
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