Visa has revealed that over $1bn was spent with its crypto-linked cards in the first half of 2021.

The company revealed this in a statement on Wednesday, adding that the value of crypto assets held in regulated digital wallets worth hundreds of billions.

Visa said, “We are partnering with 50 of the leading crypto platforms on card programmes that make it easy to convert and spend digital currency at 70 million merchants worldwide.

“With more than $1bn spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”

“We are seeing digital wallets and crypto platforms build payment products entirely with digital currency. For example, the fast-growing FTX platform, a new Fintech Fast Track member we’re announcing today, is paying 50 per cent of their remote employees in USDC.

“We are making our network more accessible to this growing ecosystem with capabilities like USDC settlement and through our partnership with Circle. As we look to the future, stable coins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development,” it further added.

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