VISA is currently the largest fintech giant operating in the world. It is unthinkable to make online payments without the presence of a VISA card. However, the company has also started to dabble into the cryptocurrency markets with a very early head start. VISA’s head of crypto, Cuy Sheffield, recently told the media that his company is working on increasing its cryptocurrency ventures.
Sheffield told reporters from NDTV that during the last 18 months, the number of cryptocurrency organizations working with VISA has doubled. He also added that the employees offering services in the cryptocurrency markets have also increased by hundreds this year.
VISA head of crypto, Sheffield, told media that over time VISA clientele has grown more accustomed to the idea of blockchain transactions. At the start, most people held a negative stance on the space, but with increased activity, the clients have started to realize that cryptocurrency is going to participate more in the e-commerce and fintech industry.
He also noted that thus far, the total number of cryptocurrency organizations working with VISA has reached 60. Some of the biggest names partnered with the fintech giant are Coinbase, Binance, FTX, Crypto.com, BlockFi, among others. He shared that the crypto link cards will make it easier for consumers to sell, purchase, and place orders with their cryptocurrency reserves.
Many people are sure that VISA taking an increasing interest in cryptocurrency is going to add liquidity and cash flow to the industry. Meanwhile, Sheffield claimed that the VISA crypto program would allow users to instantly convert their digital asset reserves into fiat currencies.
He also added that for the current year, VISA processed around $3.5 billion in crypto transactions on the network. He also claimed that the fintech giant wants to extend this service to its 80 million franchises around the globe and 15K commercial clients offering financial services.