Large-scale crypto rollout doesn’t seem far off as a payment giant; Visa continues to do business with digital currency companies.
Visa’s crypto-related deals are growing significantly:
Blog, published just hours earlier by Visa, found that the network’s crypto-related partnerships have grown 43% in just the past four months. A quarter previously, Visa was employed with a total of 34 crypto companies, the number has now risen to 50.
Most recently, Visa entered into a partnership with the FTX crypto exchange. Although FTX has joined Visa’s fintech fast-track program, which enables companies to launch their own Visa-backed plastic cards, it is not yet clear whether or not FTX will launch a card. It is noteworthy here that FTX’s US subsidiary “FTX US” offers a Visa-supported debit card operated by Binance’s crypto card provider; Wipe.
Other large companies Visa has worked with include Crypto.com, Coinbase, Binance, and numerous others.
The partnership gives the exchanges access to Visa’s vast ecosystem of 70 million merchants worldwide.
Visa exceeds billion dollar mark:
Visa also announced that transactions made using Visa-backed crypto cards have exceeded a whopping $ 1 billion mark in just six months. Visa Exec said they have seen a lot of boom since Visa began its journey. Sheffield stated:
“Looking to the future, cryptocurrency and stablecoins are well on their way to becoming an important part of the broader digital transformation of financial services, and we look forward to helping shape and support this development.”
Visa’s crypto team:
In the past few months, Visa has been continuously recruiting and placing a skilled crypto team. Recently, just last month, Visa rented five people on her crypto team, which included Catherine Carle, a former Deloitte employee, and Chike Ukaegbu, founder of the New York-based startup; Commissioning52.