Visa Recorded $2.5 Billion Crypto Related Transactions In Q1


Several private firms are actively investing in the cryptocurrency market in order to increase their wealth and worth. Visa, a global financial services organisation based in the United States, has worked with over 65 cryptocurrency platforms and exchanges. In addition, the payment giant reported that in the first fiscal quarter, crypto-linked card usage topped $2.5 billion. Visa Inc. outlined its crypto strategy and accomplishments during its earnings call on Thursday.

“Many current developments in payments, like crypto and wallets, are allowing a new way to pay,” stated Visa CEO Al Kelly on the call. Visa can take advantage of these prospects. “In addition, the CEO said of the company’s activities:

“We’re also offering on-ramps for crypto players, enabling connectivity with flat economies.” Over 65 cryptocurrency companies and exchanges have teamed up to provide Visa credentials.”

Users will be able to spend bitcoin at 80 million shops using Visa cards connected to cryptocurrency, according to information from Bitcoin.com. During the calls, CEO Kelly stated that the true number of merchants is closer to 100M.

Visa Is Ahead Of Other Cards In Terms Of Bitcoin Settlements

Also according to Bitcoin.com Bitcoin processed $3.0 trillion in payments in 2021, putting it ahead of well-known card networks American Express ($1.3 trillion) and Discover ($0.5 trillion), but still behind Visa ($13.5 trillion) and Mastercard ($7.7 trillion).

Furthermore, the Visa CEO stated, “The quarter, Visa credentials and crypto wallets had more than $2.5 billion in payments volume, which is already 70% of the payments volume for fiscal 2021.”

Visa has just started a cryptocurrency-specific worldwide advising practise. Meanwhile, Visa has no intentions to store digital assets on its balance sheet, but it has established a crypto consultancy business and made a number of recent investments in crypto platforms. Visa is promoting the use of digital currencies.

Several private firms are now investing in the digital coin market in order to benefit in the future. The majority of digital payment providers have begun to interface with the cryptocurrency market.

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