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Visa already processed $1 billion in cryptocurrency payments in 2021

Visa revealed that cards within brand have already made more than $1 billion in cryptocurrency payments. The data correspond to the first half of 2021, and were revealed this Wednesday (7).

Visa already processed $1 billion in cryptocurrency payments in 2021

Visa already processed $1 billion in cryptocurrency payments in 2021

In addition, Visa unveils partnerships with over 50 cryptocurrency platforms, bringing its payment solutions to more than 70 million merchants around the world.

“These solutions do not require coffee shops, laundries or bakeries to accept cryptocurrencies directly,” justifies Visa.

Visa seems to be putting the saying “if you can’t beat them, join them” in practice. The payment processor revealed its roadmap involving cryptocurrencies.

The payments giant reveals that 25% of cryptocurrency companies that have adopted its solutions are working to issue cards that support cryptocurrencies.

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Also according to the statement, Visa has been working with these companies to increase the range of options. In addition, the company is also closing more partnerships, including with FTX.

This broadening of the range of options involves models such as BlockFi’s rewards. Through a partnership with Visa, customers can spend fiat coins and receive cryptocurrencies through BlockFi.

The document published by Visa also shows the company’s strong interest in stablecoins. As detailed, Visa believes that stablecoins are “an important part of a major digital transformation of financial services”.

As an example, the payments giant again mentions FTX, which pays half of its remote workers with USDC.

Furthermore, Visa says it is excited to help with the growth of stablecoins and the economic change they can bring. Not just stablecoins, but Visa is also interested in central bank digital coins.

Apparently, the move is Visa’s attempt to stay relevant in a rapidly changing digital economic environment. This becomes even clearer with the company’s approach to central banks and their digital currencies.

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