Crypto-currency: Visa Inc. customers spend over $1 billion on crypto-linked cards in first half of 2021

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Crypto-currency: Visa
Crypto-currency: Visa Inc. customers spend over $1 billion on crypto-linked cards in first half of 2021

To make it easier for customers to convert and spend digital currencies at 70 million merchants, the company said it was partnering with 50 crypto-currency platforms

As the payments processor, Visa Inc. takes steps to make crypto transactions smoother; it said on Wednesday that its customers spent more than $1 billion on its crypto-linked cards in the first half of this year. To make it easier for customers to convert and spend digital currencies at 70 million merchants, the company said it was partnering with 50 crypto-currency platforms.

The move is in line with the firm’s broader acceptance of digital currencies. To settle transactions on its payment network, the company, in March, announced that it will allow the use of USD Coin.

With regulatory crackdowns in China and elsewhere, investor sentiment on crypto-currency has somewhat soured recently. Following the euphoria earlier this year, which took it to record highs, bitcoin, the world’s biggest crypto-currency has seen a punishing slide.

However, a clutch of high profile names are continuing to strengthen their involvement with the digital assets. Japan’s investment giant, SoftBank Group Corp, last week, invested $200 million in Mercado Bitcoin, one of the largest crypto-currency exchanges in Latin America.

In May, Wells Fargo & Co said it would on-board an actively managed crypto-currency strategy for its wealthy clients, while Goldman Sachs Group Inc. launched a crypto trading team the same month.

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