Speaking in an interview with NDTV, Visa’s head of crypto Cuy Sheffield said the financial services company has doubled its crypto partners over the last 18 months in order to promote the scale and scope of its project. He claimed the number of employees at Visa working on crypto in some capacity was now in the hundreds (up from a handful previously).
As reported by The Daily Hodl, Sheffield said:
Visa has partnered with more than 60 crypto platforms to date, including giants such as FTX, BlockFi, Crypto.com, Coinbase and Binance. The partnerships allow customers to use their digital assets in order to pay for goods and services with crypto-linked cards.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.
Sheffield explained the benefits:
A user’s crypto is converted to fiat instantly and “behind the scenes,” creating what is essentially a standard Visa transaction. Sheffield claimed Visa had already processed $3.5 billion worth of crypto transactions, highlighting how much it had grown in roughly a year since its inception.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 Visa executive said the company was working to serve as a bridge connecting the industry of crypto with their global network of 80 million merchants and 15,000 financial institutions.