Visa says Crypto-Linked Card Usage Tops $1 Billion in First Half of 2021

Credit card company Visa said Wednesday that more than $1 billion in cryptocurrency was spent with their crypto-linked cards within the first six months of 2021.

CNBC cited that Visa has partnered with over 50 cryptocurrency platforms including BlockFi, Circle, and Coinbase. Those same companies allow cardholders to spend from their cryptocurrency wallet with more than 70 million merchants worldwide. Visa announced that crypto-liked cards and other emerging payments have the potential to disrupt the $18 trillion spent every year with cash and checks.

"We are doing a lot to create an ecosystem to make cryptocurrency like any other currency," said VISA CFO Vasant Pabhu. "People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for."

According to Yahoo Finance, the recent fallout for cryptocurrencies, which have faced regulatory crackdowns in China. Bitcoin’s market capped $1 trillion for the first time in February and hit an all-time high of $65,000 per unit since April but has since fallen 45%.

Despite some setbacks, high-profile names have continued their relationship with the digital currency. Japan’s SoftBank Group invested $200 billion in Mercado Bitcoin, one of Latin America’s largest cryptocurrency exchanges.

In May, Wells Fargo said it planned to adopt a cryptocurrency strategy for wealthier customers, while Goldman Sachs said it would create a crypto trading team.

Visa reports quarterly earnings on July 27.

July 08, 2021