The global payments giant Visa stated in its most recent crypto update that it will continue to support the adoption and development of cryptocurrency as part of its business.
Visa stated in an official statement Wednesday that more than $1B in total transactions were processed by its crypto-enabled card cards in the first half 2021.
Visa has announced partnerships with 50 companies in the crypto sector, as well as crypto card program partners that allow users to convert and use digital currency at 70,000,000 merchants around the world. The company stated that it was clear that the crypto community believes that linking digital currencies to Visa’s global network is beneficial, given the amount of money spent on Visa crypto-linked card cards.
Visa stressed that global merchants are not required to accept cryptocurrency like Bitcoin ( TTC ) directly, but it does allow them to support digital currency. As reported previously, Visa has been working closely with crypto exchange platform Crypto.com to create a crypto settlement system for fiat transactions . Other major crypto companies such as Coinbase, CoinZoom and FTX exchange have also been closely involved.
Stablecoins, cryptocurrencies that are tied to other assets or fiat currencies such as the United States Dollar, "starting to live up to the promise of digital fiat," the firm stated. It also highlighted its developer-friendly features and the reliability of fiatbacked reserves. The company stated that stablecoins "are on track to be an important part the broader digital transform of financial services and Visa is excited help shape and support this development."
"We have been busy at Visa connecting the crypto economy with our 'network of-networks' strategy, a strategy that adds value to all forms money movement on or outside the Visa network."
Visa, one of the largest payment companies in the world, made a significant move into crypto last year by partnering with Circle, a Goldman Sachs-backed cryptocurrency company, to make its USD Coin stablecoin compatible for certain credit cards. Since , the company has reiterated its commitment crypto payments and fiat-on-ramps as well as its special focus on stablecoin-based integrateds.