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Visa's Customers have spent more than $1 billion using its crypto linked cards

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Shivangi Mujumdar Follow

INDIA

Jul, 08 2021

Jul, 08 2021

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In a recent statement that was released, Visa has now announced that customers with cards that are crypto enabled have spent more than $1 billion using its crypto-linked cards. Visa however shall be continuing its connection with the crypto economy. On July 8, the announcement was made to support the addition and development of the cryptocurrency industry. 


The emphasis on the support: 

After the official statement was released, there has been quite many partners and investors who got alerted. Visa is one huge payment giant that shall be continuing its crypto connection to maintain the network. This digital transformation is quite a broad part of the financial services and the company seems to be completely in support of it as part of its business.


The company also stated that “it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.” Besides, Visa has also partnered with more than 50 companies that are quite major in the industry of crypto and the programs that are associated with the crypto cards. This has let the customers to make the best use of digital currency at more than 70 million merchants across the world. 


The opinion of the firm: 

The firm stated that cryptocurrencies and stable coins have some great value as compared to other fiat currencies like the United States dollarFurther, the firm added that stable coins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development.


The company has already partnered with Circle, Coinbase and BlockFir due which its cards have accessibility to crypto wallets. Visa clearly stated that the cryptocurrency has the potentiality of disrupting the $18 trillion customers' annual spending with checks and cash. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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