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Visa crypto card breaks through $1 billion

Credit card company Visa said on Wednesday that in the first six months of 2021, more than 1 billion U.S. dollars of cryptocurrency will be used for their cryptocurrency cards.

NBC Finance Channel Note that Visa has cooperated with more than 50 cryptocurrency platforms, including BlockFi, Circle and Coinbase. These companies allow cardholders to spend at more than 70 million merchants worldwide through their cryptocurrency wallets. Visa announced that cryptocurrency-like cards and other emerging payments have the potential to disrupt annual cash and check expenditures of $18 trillion.

VISA Chief Financial Officer Vasant Pabhu said: “We are doing a lot of work to create an ecosystem that makes cryptocurrency like any other currency.” “People are exploring how to use cryptocurrency for things they would use normal currencies.”

Yahoo Finance pointed out The impact of cryptocurrencies that have recently faced regulatory crackdowns in China. The Bitcoin market reached the $1 trillion cap for the first time in February, setting a record high of $65,000 per unit since April, but has since fallen by 45%.

Despite some setbacks, celebrities continue to build relationships with digital currencies. Japan’s SoftBank Group invested US$200 billion in Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America.

In May of this year, Wells Fargo stated that it plans to adopt a cryptocurrency strategy for wealthier customers, while Goldman Sachs stated that it will create a cryptocurrency trading team.

Visa announced quarterly earnings on July 27.

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