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Visa has revealed that the payments giant is working with about 60 leading crypto platforms “to launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide.”
Speaking to NDTV in an interview published on Monday, Visa’s head of crypto Cuy Sheffield talked about the company’s future relating to crypto and noted that it has “built a lot of momentum in this space, and we will continue to support the crypto ecosystem in several ways.”
Sheffield elaborated on the new partnerships his firm signed this year and the opportunities crypto-linked cards bring to the marketplace:
“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.”
He added:
“We have 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.
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. 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 Executive stressed the potential of Visa’s recently launched global crypto advisory services, and said the payments firm aims to keep connecting people on a global scale, always complying with regulatory requirements:
“Visa aims to provide our crypto advisory services to clients globally wherever there is interest, and currently, we offer services in markets where the regulations permit such transactions.”
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Sheffield concluded:
“At the end of the day, we want to serve as a bridge connecting the crypto ecosystem with our global network of 80 million merchant locations and more than 15,000 financial institutions.
We have built a lot of momentum in this space, and we will continue to support the crypto ecosystem in several ways,”