VISA is reporting that crypto is booming on their global network Covered: Booming Crypto-card Adoption Visa “Leaning into Crypto” Booming Crypto-card Adoption Price action may be moving sideways, but adoption is moving “up and to the right.” According to a recent report, the mind-blowing statistic should be comforting to those who are spooked at the […] The post VISA Report: ‘Over 100 Million Vendors’ Accept Bitcoin and Crypto Globally appeared first on CryptosRus.

VISA Report: ‘Over 100 Million Vendors’ Accept Bitcoin and Crypto Globally

VISA is reporting that crypto is booming on their global network

Covered:

  • Booming Crypto-card Adoption
  • Visa “Leaning into Crypto”

Booming Crypto-card Adoption

Price action may be moving sideways, but adoption is moving “up and to the right.” According to a recent report, the mind-blowing statistic should be comforting to those who are spooked at the current volatility. According to the data released by Visa, “users made $2.5 billion in payments with crypto-connected cards during the company’s fiscal first-quarter ended Dec. 31.” 

Prominent among those cards is the Crypto.com card, which has exploded in growth since its inception in 2020. For locking up the CRO token, users can earn up to 8% back in crypto just from purchases alone. These types of cards are a great way to onboard the masses into crypto, which is exactly what the data from Visa shows is occurring.

According to an earnings call, CEO Al Kelly said, “more than 65 crypto platforms and exchanges, including Coinbase and BlockFi, have partnered to issue Visa credentials.” However, the most notable figure was that, according to Kelly, more than 100 million vendors in their network are now accepting crypto payments. A number that would’ve been a pipe-dream if mentioned back in 2017.

Recommended: JP Morgan, Visa, Swift and Algorand Release ‘Future of Payments‘ Report

Visa “Leaning into Crypto” 

In the earnings call, the payment giant said that they are “leaning into the crypto space”, seeking to improve “connectivity, scale, consumer value propositions, reliability, and security.” They have even launched a crypto advisory service to “to help financial institutions develop their cryptocurrency businesses as demand for crypto products continues to grow.” In that December report, they noted: “Every bank should have a crypto strategy.”

Forbes reported that Visa’s “Bitcoin linked cards” are “paving the way for younger generations to spend crypto.” The growth has been substantial in terms of crypto payment volume for Visa. In the first half of 2021, $1 billion dollars worth of crypto transactions were done on their network. The figure then ballooned to $2.5 billion from June to December 31, nearly tripling.

We don’t have to convince you that adoption is booming. Visa themselves state it in the crypto section of their website: “crypto is reaching extraordinary levels of adoption and investment—opening a world of possibilities for businesses, governments, and consumers.” Many people don’t realize Visa already offers USDC stablecoin payouts and wrote an entire case study on it, which you can find here, where they highlight a company called Clothia which utilizing this iteration of USDC payouts.

You hear it all the time, but adoption and fundamentals are the metrics that indicate what direction the crypto space is going. Visa’s clearly increasing interest in crypto shows that this adoption is only going to continue “up and to the right.” 

Recommended: Solana Can Be The Visa Of Crypto

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