Visa continues to boost digital currencies into its global electronic payments network aiming to prepare for a financial future where digital assets are used in the same way that fiat currency is used today.
The global payment provider has partnered with 54 crypto companies to create a crypto spending platform.
Most of the partnerships have been created from the issuance of debit cards using Visa’s FastTrack program, targeting integrating fintech companies with the Visa network.
Visa’s 54 Bitcoin-Linked Cards
Visa launched products including a debit card partnering with the crypto exchange FTX and a crypto rewards credit card in partnership with BlockFi.
Other partners are Coinbase, Crypto.com, Fold, CoinZoom, Zap, Bitpanda, Wirex, ZenGo, and Upgrade.
According to Cuy Sheffield, Head of Crypto at Visa, these projects have gained attraction with over $1 billion worth of transactions made through crypto-linked Visa debit cards across its global 70 million merchants in the first half of 2021.
Younger Generations Are Increasingly Interested in Crypto
More and more young people select to divert wealth into cryptocurrencies and digital assets.
A Michelmores survey reports that one in five of 501 affluent Millennials in the U.K has invested in cryptocurrencies.
Besides, about half of millionaires have at least 25% of their wealth in cryptocurrencies, according to a CNBC survey of 750 investors conducted in April and May of 2021.
A recent Mastercard MA shows that not only in Western nations, but in the Middle Eastern and Africa Millennials are also more open to using crypto.
In Asia, India and China both have young people with knowledge in the cryptocurrency space – despite the fact that cryptos are prohibited in both nations.
More Coming From the Payments Giant
Visa is seeking to appeal to crypto platforms that are looking to expand client offerings in order to create seamless crypto transactions.
One of the solutions is to allow crypto companies to settle payments using USDC, a dollar-pegged and growing stable coin.
A partnership with the first federally chartered digital asset bank, Anchorage, allows Visa to directly accept USDC instead of fiat currency.