Forex and Crypto News

VISA plans to make crypto more usable

13:29 07 July /2021

The company VISA, which provides processing of payments using cards around the world, reported that in the first half of 2021, the volume of transactions on VISA cards related to cryptocurrencies exceeded $1 billion.

VISA has partnered with crypto exchanges such as Coinbase, Circle and BlockFi. Thanks to its cards, customers can transfer money to crypto exchanges to buy cryptocurrencies, as well as pay with cryptocurrency cards. That is, they can spend cryptocurrency wherever a VISA card is accepted.

According to the CFO of VISA, the company aims to make cryptocurrency one of the most convenient forms of currency in the coming years. Already, the volume of transactions for the purchase of cryptocurrencies using VISA cards is quite large and is growing constantly. This trend will continue in the near future.

It should be noted that a few years ago, VISA was skeptical about cryptocurrencies. And now the company views cryptocurrency as the centerpiece of the consumer spending market. The company plans to become the leader in this $18 trillion market.

If the company implements all the conceived projects in the field of cryptocurrencies, then VISA customers will be able to use the cryptocurrency in more than 70 million partner merchants.

However, VISA distinguishes the concept of securing payments using cards tied to cryptocurrencies and owning cryptocurrencies. The company does not plan to own cryptocurrency or sell its services for cryptocurrency, as Tesla does. The company works with traditional fiat currencies dollar, euro, pound.

MasterCard is also considering cooperation with cryptocurrency companies. Mastercard's partnership with Gemini will enable consumers to receive cryptocurrency credit card rewards.

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