In its latest cryptocurrency update, the company said that global payments giant Visa will continue to support the development and adoption of the cryptocurrency industry as part of its business.

In an official statement on Wednesday, Visa announced that total spending on cryptocurrency cards exceeded $1 billion in the first half of 2021.

The company noted that Visa has partnered with 50 major companies in the crypto industry, as well as crypto card programs that allow users to transfer and use digital currency with 70 million merchants around the world. Given the inflated cost of Visa-linked cards, the company said, “It is clear that the crypto community sees value in connecting digital currencies to the global Visa network.”

Visa emphasized that supporting the digital currency does not require global merchants to accept cryptocurrencies such as Bitcoin (BTC) directly. As previously reported, Visa worked with major cryptocurrency operators such as crypto exchange to activate a cryptocurrency settlement system for monetary transactions. The company also works closely with other major crypto companies such as FTX, Coinbase, CoinZoom, and others.

The company also said that stablecoins — cryptocurrencies tied to the value of other assets or fiat currencies like the US dollar — are beginning to fulfill the promise of digital currency by describing developer-friendly features combined with the strength of fiat reserves. “Stablecoins have become an important part of the broader digital transformation of financial services, and Visa is pleased to help shape and support this evolution,” the company wrote, adding:

“We have been busy with Visa and have connected the crypto economy network after network, a strategy to add value to all forms of money movement, both within and outside the Visa network.”
Related: BlockFi Begins Sending Visa-Enabled Bitcoin Credit Cards

Visa, one of the world’s largest payments companies, took a big step in the crypto industry last year by partnering with Goldman Sachs-backed circuit to make US dollar currency (USDC) compatible with select credit cards. Since then, the company has reasserted its commitment to cryptocurrency and fiat cryptocurrency, as well as its own focus on Coin stack-based integration.

Source: CoinTelegraph