Visa has handled more than $1 Billion worth of crypto payments

Karthik Subramanian

Visa has said that its crypto-backed cards have been used for transactions worth more than $1 billion since the beginning of the year.

We are seeing traction picking up in the crypto ecosystem as more and more companies begin to adopt crypto and view it as an alternate form of payments rather than it being viewed as a purely speculative instrument.

“We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency,” Visa CFO Vasant Prabhu said. “People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for.” He added, “There are lots of issues in terms of volatility, etc. But that’s up to the owners of cryptocurrencies to manage and track.”

Prabhu added: “We see a lot of volume on our (network) of people buying cryptocurrencies at these various regulated exchanges, and as far as we can see, that trend continues,”

After a lot of dithering, Visa became one of the biggest companies to start backing blockchain and crypto and since its decision towards the end of last year, it has been investing heavily into the field. They now see the value behind crypto and want to treat it on par with fiat which is why they decided to support crypto payments along with fiat payments as well. This thought seems to be reaping dividends as shown by the transaction volumes so far.

With the BTC wave waning a bit, the next wave seems to be coming from the stablecoins and their use as a form of payment. With the stablecoins being backed by actual money and with over $10 billion worth of stablecoins in circulation, it is only a matter of time before more companies view it on par with fiat.

Circle, Coinbase, and BlockFi have tied up with Visa to link the crypto wallets on their platform with the Visa cards and this has helped to push the crypto ecosystem even further. Still, the stablecoins and the transaction size of crypto are very small when compared to the $18 trillion annual spendings done by consumers and this shows the potential that is available for the crypto world for growth and expansion. When the crypto payments, and it increasingly looks like it’s more of a ‘when’ than an ‘if’, moves mainstream we are going to see the transaction volumes take off and the early adopters in this field would most likely reap the benefits.

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<