Cuy Sheffield, the VISA head of crypto, has revealed that the company has begun collaborations with over 60 crypto platforms as a way of offering its clients the chance of making payments using digital assets.
This means that the number of Visa’s crypto partners has doubled over the previous 18 months. Sheffield also said that the number of Visa employees working in crypto has now grown from just a couple to a number in the hundreds.
“Over the last few years, we’ve also seen our clients’ outlook on crypto evolve, from skepticism to awareness, to an understanding that crypto will likely impact their existing business in some way.”
Among Visa’s crypto partners we can mention Crypto.com, Binance, Coinbase, BlockFi, and FTX. These collaborations let people use the digital assets they own in order to pay for goods and services with cards that are crypto-linked.
“Crypto-linked cards make it easy for consumers to convert and spend digital currencies, without requiring coffee shops, dry cleaners, or grocery stores to directly accept crypto at the checkout.”
The crypto of a user is converted into fiat immediately and “behind the scenes,” which makes it basically a typical Visa transaction. Sheffield stated that the company had processed already over $3.5 billion worth of crypto transactions.