Visa Crypto Cards Hit $2.5 Billion in Volume in the First Fiscal Quarter of 2022
In its first fiscal quarter of 2022, Visa (V) revealed that cryptocurrency-linked card use reached $2.5 billion. The payments industry has made a strong effort to encourage wider usage of digital currencies.
- In its most recent results conference, Visa stated that its crypto-linked card use reached $2.5 billion in volume in the first fiscal quarter of 2022.
- Visa processes payments for a number of crypto-linked debit and credit cards.
- The payment processor does not keep cryptocurrencies on its balance sheet, but it does invest in digital currencies in other ways.
Visa Shows That Crypto Adoption Is Increasing Despite Recent Volatility
The recent disclosure by Visa that its crypto-linked card use reached $2.5 billion in the most recent quarter is important. This amount represents 70% of the company’s crypto volume for the full fiscal year 2021, indicating that the use of crypto-backed cards is growing rapidly.
Visa has long offered a platform for cryptocurrency-linked debit cards, but it is also the processing firm for new credit cards like as the BlockFi Rewards Credit Card. 1
In an interview with CNBC, Visa CFO Vasant Prabhu said that cardholders are using their crypto-linked cards as general-purpose accounts, utilizing them to make regular transactions. “This indicates to us that consumers see the value in having a Visa card linked to an account at a cryptocurrency platform.” There is benefit in being able to access funds, finance purchases, and manage costs promptly and easily,” he noted. 2
Prabhu pointed out that the surge in volume came at a period of instability in the cryptocurrency market.
The recent acceleration in adoption is a result of Visa’s deliberate investments in digital currencies. While the corporation does not have any cryptocurrencies on its balance sheet, it has established a crypto consultancy service and invested in cryptocurrency platforms. Coinbase, BlockFi, and Circle have just joined the company’s network of crypto wallet partners, bringing the total number of partners to more than 65.
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