Visa Cryptocurrency Partners

Visa’s crypto partnerships grow by 43% in four months

Visa's crypto partnerships grow by 43% in four months
Written by publishing team

The number of Visa’s partnerships with crypto companies has grown by 43% in the past four months.

Visa now has 50 active partnerships, up from 35 just four months ago, the company’s head of crypto, Coy Sheffield, told The Block. This means that 50 crypto companies have launched or are planning to launch debit and credit cards with the payments technology giant.

Some of the notable partnerships include those with Coinbase, Binance, Crypto.com, and others. These companies offer Visa-linked debit cards, which help their customers spend cryptocurrency at Visa’s global network of 70 million merchants. On the other hand, BlockFi offers a Visa credit card that allows customers to spend money and get rewards in crypto.

The billion dollar sign

Visa said more than $1 billion was spent on its crypto-linked cards in the first six months of this year.

“We’ve seen a lot of momentum since we first started this journey,” Sheffield told The Block. “As we look to the future, crypto and stablecoins are on track to become an important part of the broader digital transformation of financial services, and we are excited to help shape and support this evolution.”

Cryptocurrency exchange FTX is the latest company to partner with Visa. FTX has joined Visa’s Fintech Fast Track Program, which helps companies launch card programs, among other things. It’s not clear if FTX will release a Visa-linked card. Sam Bankman-Fried, CEO of the exchange, has not responded to The Block’s request for comment as of press time. The US-based FTX entity, FTX.US, is currently offering a debit card linked to Visa, which is operated by Swipe – a crypto card provider owned by Binance.

As for Visa, the company appears to be increasing its focus on the crypto sector. It recently made five and two appointments to its crypto team, The Block reported last week. The company is looking to add more people to the coding team across product management, business development and engineering functions.

Besides crypto card programs, Visa has also entered into stablecoin settlements. The company recently became the first major payments network to use the USDC stablecoin to settle a transaction. Visa has experimented with stable USDC settlement with Crypto.com, which means that the latter does not have to sell cryptocurrency to cover its obligations to Visa in cash and pay it directly in USDC. Visa plans to offer USDC settlement capability to additional partners later this year.

Looking to the future, Visa also plans to support payments in central bank digital currencies or central bank currencies. “We believe that for CBDCs to succeed, it is important that CBDCs are accepted by any merchant who already accepts Visa credentials today, rather than merchants having to upgrade their terminals just to be able to access and allow consumers to spend from their CBDC balance,” Sheffield told The Block recently.

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© 2021 The Block Crypto, Inc. all rights are save. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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