Visa’s partnerships with several high-profile cryptocurrency exchanges have facilitated billions of dollars in payment volume since 2021.
Visa’s CEMEA head of innovation and design, Akshay Chopra, reveals that the company’s partnerships with cryptocurrency exchanges have facilitated billions of dollars in payment volume.The integration of conventional payment cards into cryptocurrency exchange offerings is playing a crucial role in driving adoption of digital assets, according to a VISA executive.
According to Chopra, using cryptocurrencies as a means of payment for everyday items like a cup of coffee at a cafe is still not truly ubiquitous. In an effort to tackle this challenge, Visa partnered with 75 of the biggest cryptocurrency exchanges in 2021 to allow them to issue Visa cards. Chopra highlighted this as one of a number of opportunities for conventional financial institutions to tap into with the wider Web3 ecosystem.Payments settlement between financial institutions remains another avenue that is ripe for disruption and innovation through blockchain-based solutions.
“It’s cheaper than traditional methods, it happens 24/7 and it's innovative. You send USDC balance and Visa custodies the funds on the backend of the Ethereum blockchain.”
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