Global Payments Technology Company, Visa, has collaborated with 50 crypto firms in 2021, on crypto-focused debit and credit cards. Back in March, the number of crypto collaborations by Visa stood at just 35. The number of active crypto collaborations which is now at 50 represents a 43% increase from the previous number. In line with its vision, the global payments service provider is committed to possessing a large share of the cryptocurrency space through its services.
According to Visa’s Head of crypto, Cuy Sheffield, the payment service firm is looking to be part of the financial future which it believes crypto assets and stablecoins would play a major role in, hence its collaborations with reputable and upcoming crypto firms. In its crypto-focused debit and credit cards program, Visa has included leading crypto exchanges such as Binance, Coinbase, CoinZoom. With the crypto-focused Visa cards program, these exchanges can offer their vast users crypto-based debit cards to spend crypto at the over 70 million Visa-supported retail stores.
The global payments service provider also made provision for a crypto-focused credit card that allows users of the BlockFi Rewards Visa Credit Card to get rewarded with crypto for using services of Visa-affiliated hotels or airlines. So the crypto rewards are somewhat similar to travel or hotel rewards programs. Visa partnered with crypto firm, BlockFi on this one.
Visa Spends $1 Billion on Crypto-Based Cards
Over $1 billion has been expended on its crypto-based cards within the initial half of the year. Visa admitted via its head of crypto, Cuy Sheffield that it has witnessed a lot of traction since it began partnering with crypto firms. They further stated that in the coming months and years, digital currencies and stablecoins will play a pivotal role in changing the face of the world’s financial system. Visa expressed delight at its efforts in making that happen. It is obvious Visa’s crypto-based programs are directed at linking traditional finance with the decentralized economy or better still, the crypto industry.
Visa Partners with Alameda-owned Crypto Exchange, FTX
Visa’s recent collaboration with crypto exchange, FTX rounded the total number of its active partnership to 50. The crypto exchange recently became a member of Visa’s Fintech Fast Track Program, which Binance is already part of. It is the program that enables exchanges affiliated to Visa to issue crypto-based cards. Moreover, in line with its cryptocentric goals, Visa increased its staff strength by recruiting five new experts into its crypto staff.
Meanwhile, Visa also made a foray into stablecoin, making it the foremost payment service firm to introduce Circle’s USDC- which is a stablecoin backed by the US dollar on a 1:1 ratio- as part of its offerings. It tested the stablecoin offering with one of its crypto partners, Crypto.com such that if the crypto firm wants to settle any transaction with the former, it can do so with the USDC stablecoin. According to Visa, more partners will be added to the program soon. Visa also has its sights set on integrating CBDCs into service offerings.
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