With crypto-related startups charging as much as $1 million per year, Visa has been working to attract clients in this rapidly growing industry. Recently, the company signed a partnership with crypto startup, BitPay , which is the largest crypto payment processing company. With Visa’s help, BitPay can now process Visa cards as well as Bitcoin and Ethereum. As a result, their transactions grew by 43% and this has led to Visa’s crypto-related transactions surpassing a $1 billion mark for 2017.
Visa says it wants to be the world’s preferred payment network. To do that, it needs to be able to move money across borders quickly and reliably, which is why it’s partnering with companies like Ripple and Stellar to use its network to move money. These partnerships could be an important step for Visa to position itself as a global payments platform.Widespread adoption of cryptocurrencies doesn’t seem far off, as payments giant Visa continues to make deals with digital currency companies.
Visa transactions involving cryptocurrencies are increasing significantly
A blog posted by Visa a few hours earlier pointed out that network partnerships related to cryptocurrencies have increased by 43% in the past four months. Just a quarter ago, Visa partnered with 34 cryptocurrency companies, and that number has now grown to 50.
Recently, Visa partnered with cryptocurrency exchange FTX. Although FTX has joined the Visa Fintech Fast Track program, which allows companies to bring their own Visa-compatible plastic cards to market, it is not yet clear whether FTX will launch a card. It’s worth noting that FTX’s US subsidiary, FTX US, offers a Visa-backed debit card that works through Binance’s cryptocurrency card provider, Swipe.
Other major companies Visa has partnered with include Crypto.com, Coinbase, Binance and many others.
This partnership will allow exchanges to access Visa’s extensive ecosystem of 70 million merchants worldwide.
Visa has passed the $1 billion mark
Visa also announced that transactions through Visa-backed cryptocurrencies have surpassed $1 billion in just six months. The Visa official said they have seen a big boost since the start of this trip. said Sheffield :
In the future, cryptocurrencies and stablecoins may play an important role in the broader digital transformation of financial services, and we look forward to helping shape and support this evolution.
Team Visa. Cryptocurrency:
In recent months, Visa has steadily recruited and deployed staff to build a competent crypto team. Visa hired five people for its cryptocurrency team last month, including Catherine Carle, a former Deloitte Monitor employee, and Chike Ukaegbu, founder of Startup52, a New York-based startup.
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