In an effort to allow consumers to spend digital assets, Visa has formed partnerships with 60 cryptocurrency platforms
As consumers embrace payments made with digital assets, Visa is reportedly partnering with an increasing number of crypto platforms.
In a recent interview with NDTV, Visa‘s head of crypto, Cuy Sheffield, says the world‘s largest payment processor has more than doubled its crypto partnerships in 18 months.
“At Visa, the scale and scope of our work in crypto has grown dramatically. 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…
Over the last few years, we’ve also seen our clients’ outlook on crypto evolve, from skepticism to awareness, to an understanding that crypto will likely impact their existing business in some way.”
Visa has joined forces with over 60 crypto platforms
These include industry giants FTX, BlockFi, Crypto.com, Coinbase and Binance, enabling consumers to convert and use digital assets to pay for goods and services with ease.
“Crypto-linked cards make it easy for consumers to convert and spend digital currencies, without requiring coffee shops, dry cleaners, or grocery stores to directly accept crypto at the checkout.
All the conversions from crypto to fiat happen instantly, behind the scenes. In-store, online, it’s as easy as a standard Visa transaction.
Consumers that want to use crypto have the opportunity to convert and spend their digital currency while going about their everyday activities.”
Visa has already processed $3.5 billion worth of crypto transactions
“That’s a small portion of total spend on Visa cards, but when you consider that these programs didn’t exist in a meaningful way a year ago, it’s an indication that they’re starting to gain traction.
At the end of the day, we want to serve as a bridge connecting the crypto ecosystem with our global network of 80 million merchant locations and more than 15,000 financial institutions.”
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