Visa said it has partnered with some 60 leading crypto platforms to enable its customers to pay in crypto at 80 million merchant locations and more than 15,000 financial institutions. The company said it intends to continue to support the crypto ecosystem.
Visa's head of cryptocurrencies, Cuy Sheffield, said the payments giant is pushing for a crypto ecosystem in an interview with NDTV. He said that the number of employees in the company who are working on cryptocurrencies is already in the hundreds. Sheffield also said that Visa has doubled the number of its partnerships with crypto companies over the past 18 months and now there are about 60 of them.
"At Visa, the scale and scope of our work in crypto has grown dramatically. The number of people cross-functionally at Visa working on crypto in some capacity is now in the hundreds—up from just a handful of employees. And we’ve more than doubled our number of partnerships with crypto platforms in the last 18 months—up to 60 partnerships today.
"We've partnered with more than 60 of the leading crypto platforms, like FTX, Blockfi, Crypto.com, Coinbase, and Binance, to launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide."
Sheffield explained that the cards are linked to cryptocurrencies, allowing consumers to easily convert or spend crypto at any store or cafe, even one that does not directly accept digital currencies. "Crypto-linked cards make it easy for consumers to convert and spend digital currencies, without requiring coffee shops, dry cleaners, or grocery stores to directly accept crypto at the checkout," he continued. "All the conversions from crypto to fiat happen instantly, behind the scenes. In-store, online, it's as easy as a standard Visa transaction."
The head of Visa for cryptocurrencies also said that the company's global crypto network already consists of 80 million merchant locations and more than 15,000 financial institutions. "We’ve built a lot of momentum in this space, and we’ll continue to support the crypto ecosystem in several ways," he concluded.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.