Visa Says Spending on Crypto-Linked Cards Topped $1 Billion in First Half This Year

Visa said it was partnering with 50 cryptocurrency platforms to make it easier for customers to convert and spend digital currencies.

By Reuters | Updated: 8 July 2021 11:29 IST

Visa Says Spending on Crypto-Linked Cards Topped $1 Billion in First Half This Year

Visa had announced it will allow the use of the USD Coin to settle transactions on its payment network

Highlights

Investor sentiment on cryptocurrencies has somewhat soured
Bitcoin has seen a punishing slide following euphoria earlier this year
SoftBank invested $200 million (roughly Rs. 1,490 crores) in Mercado

Visa said its customers spent more than $1 billion (roughly Rs. 7,480 crores) on its crypto-linked cards in the first half of this year, as the payments processor takes steps to make crypto transactions smoother.

The company said it was partnering with 50 cryptocurrency platforms to make it easier for customers to convert and spend digital currencies at 70 million merchants worldwide.

The move is in line with Visa's broader acceptance of digital currencies. In March, the company announced it will allow the use of the USD Coin to settle transactions on its payment network.

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Investor sentiment on cryptocurrencies has somewhat soured recently, with regulatory crackdowns in China and elsewhere. Bitcoin, the world's biggest cryptocurrency, has seen a punishing slide following the euphoria earlier this year which took it to record highs. Bitcoin price in India stood at Rs. 24.8 lakhs as of 11am IST on June 8.

However, a clutch of high profile names are continuing to strengthen their involvement with the digital assets. Last week, Japan's investment giant SoftBank invested $200 million (roughly Rs. 1,490 crores) in Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America.

Wells Fargo & Co said in May it would onboard an actively managed cryptocurrency strategy for its wealthy clients, while Goldman Sachs Group launched a crypto trading team the same month.

© Thomson Reuters 2021

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