Visa disclosed on Wednesday that card usage related to cryptocurrency transactions hits more than $1 billion in the first half of the year. The data is based on the spending of consumers around the world. The last year’s expenditures related to crypto is only a portion of the total amount consumed this year. Also, compared to 2019, crypto transactions during this period are bigger.
Vasant Prabhu, the CFO of Visa, said, “We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency…People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for…There are lots of issues in terms of volatility, etc. But that’s up to the owners of cryptocurrencies to manage and track.”
Meanwhile, another card issuer Mastercard conducted research and found that 93% of consumers coming from North America is planning to utilize crypto and other blockchain technologies in the years to come. Research says 75% of millennials would use crypto if they know how to.
Prabhu also told the media that “We see a lot of volume on our [network] of people buying cryptocurrencies at these various regulated exchanges, and as far as we can see, that trend continues.” Visa is planning to add the FTX cryptocurrency platform to its Fintech Fast Track Program to encourage a more practical approach to spend crypto.