Payments giant Visa has disclosed that it has recorded the $1 billion spendings of customers with cryptocurrency-linked Visa cards in the first half of 2021. This is the biggest breakthrough as more and more users are turning their focus towards cryptocurrency. Cryptocurrency firms like Coinbase and Crypto.com provide cards that work on the Visa network and enable users to spend their cryptocurrency balances wherever Visa is acknowledged.
The cryptocurrency present in the account of the users is automatically transformed by the crypto firm to fiat currency, and the merchant obtains the payment just like with any other Visa card. Some of the cards provide cashback rewards in the form of cryptocurrency.
Furthermore, it has been disclosed by Visa that other than achieving the $1 billion milestones in the first half of 2021 it has also collaborated with cryptocurrency exchange FTX, which is now a member of the firm’s Fintech Fast Track program. Cryptocurrency lender BlockFi has lately rolled out its Visa-powered credit card, which provides Bitcoin rewards on every buying.
Though, BlockFi’s card is not like most other “crypto cards”, as users are spending USD and not their crypto balances when using the card. Visa has also revealed that it has collaborated with USD Coin issuer Circle, and the two firms intend to create a corporate card that enables customers to spend USDC. But the strange thing is that Visa has been very active in starting collaborations across the cryptocurrency sector, the firm isn’t attracted to holding crypto assets themselves.