NEW YORK— Visa's announcement that its crypto-linked card usage hit $2.5 billion in its most recent quarter is significant, according to one report.
“That figure is 70% of the company's crypto volume for the entire fiscal year 2021, which means that the adoption of crypto-backed cards is increasing significantly,” Investopedia said.
Visa CFO Vasant Prabhu noted card users are treating their crypto-linked cards as general-purpose accounts, using them to make everyday purchases.
The company recently added Coinbase, BlockFi and Circle to its network of crypto wallet partners, increasing the total number of partners from 54 to more than 65.
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