Global payments giant Visa said its customers spent more than $1 billion on its crypto-linked cards in the first half of this year, in an official statement on Wednesday, as the payments processor takes steps to make it easier for customers to convert and spend digital currencies.
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 payment firm also stated that stablecoins — cryptocurrencies pegged to the value of other assets or fiat currencies like the United States dollar — are “starting to live up to the promise of digital fiat.” In March, the company announced it will allow the use of the USD Coin to settle transactions on its payment network.
“We’ve been busy at Visa, connecting the crypto economy to our ‘network-of-networks,’ a strategy designed to add value to all forms of money movement, whether on the Visa network, or beyond.”
Visa says it will continue connecting the crypto economy to its “network of networks” to support the broader digital transformation of financial services.