Visa reports over $1 billion in crypto spending in H1 2021
According to Visa, a report published on June 3rd, it is now reporting that the amount of money spent on cryptocurrency transactions reached over $1 Billion in the first half of 2019. This figure is only up by a small amount from $990 million in the first half of 2018, meaning that the jump in spending is coming from a substantial rise in the amount of money spent over the course of just a few months.
Visa Inc. has revealed that cryptocurrency spending by customers at its point-of-sale terminals has grown at a rate of more than 50% over the past year. As a result, Visa processed over $1 billion in cryptocurrency transactions at more than 7,500 locations worldwide on behalf of its merchants in the first half of the year.
Global payments giant Visa will continue to support the development and adoption of the cryptocurrency industry as part of its operations, the company said in its latest cryptocurrency update.
In an official statement Wednesday, Visa said its cryptocurrency cards processed more than $1 billion in total spend in the first half of 2021.
The company noted that Visa has partnerships with 50 major cryptocurrency companies, as well as cryptocurrency programs that allow users to convert and spend digital currency at 70 million merchants worldwide. Given the importance of issuing Visa cards linked to cryptocurrencies, the company said it was clear that the cryptocurrency community saw value in linking digital currencies to Visa’s global network.
Visa stressed that its support for digital currencies does not mean that global merchants should immediately accept cryptocurrencies such as bitcoin (BTC). As previously reported, Visa is working with major cryptocurrency players, such as crypto-currency exchange platform Crypto.com, to create a crypto-currency payment system for fiat transactions. The company also works closely with other major cryptocurrency companies such as FTX exchange, Coinbase, CoinZoom and others.
The company also said that Stabelcoins – cryptocurrencies that are tied to the value of other assets or fiat currencies like the U.S. dollar – are beginning to meet the hopes of digital fiat currencies by highlighting their convenience for developers combined with the reliability of fiat currency reserves. Stable currencies are poised to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support this evolution, the company writes, adding:
One of the world’s largest payment companies, Visa, took a big step into the cryptocurrency space last year by partnering with blockchain company Circle, which is backed by Goldman Sachs, to make its USD Coin Stablecoin (USDC) compatible with certain credit cards. Since then, the company has reaffirmed its commitment to cryptocurrency payments and fiat currency transactions, as well as its particular interest in integrating Stabelcoin.
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