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July 7, 2021Blog Posts

Visa says spending on crypto-linked cards topped $1 bln in first half this year

Reuters

Visa Inc (V.N) said on Wednesday its customers spent more than $1 billion on its crypto-linked cards in the first half of this year, as the payments processor takes steps to make crypto transactions smoother.

The company said it was partnering with 50 cryptocurrency platforms to make it easier for customers to convert and spend digital currencies at 70 million merchants worldwide.

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

Investor sentiment on cryptocurrencies has somewhat soured recently, with regulatory crackdowns in China and elsewhere. Bitcoin, the world’s biggest cryptocurrency, has seen a punishing slide following the euphoria earlier this year which took it to record highs.

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