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Visa and cryptocurrencies - over 60 partnerships with crypto platforms



 Credit card and financial services giant Visa  has partnered with more than 60 crypto platforms to enable consumers to make payments using digital assets.


In an interview with NDTV  , Visa's crypto boss Cuy Sheffield said the financial services firm has doubled the number of its crypto partnerships in the past 18 months. According to him, the number of Visa employees working on crypto in some form is now in the hundreds.


To date, the company has entered into partnerships with more than 60 crypto platforms. These include giants such as FTX, BlockFi, Crypto.com, Coinbase and Binance. The partnerships allow customers to use their digital assets to pay for goods and services with crypto cards.


“AT VISA, THE SCOPE AND SCOPE OF OUR WORK IN THE FIELD OF CRYPTOCURRENCIES HAS INCREASED DRAMATICALLY. THE NUMBER OF EMPLOYEES AT VISA WHO WORK ON CRYPTOCURRENCIES IN ANY FORM ACROSS FUNCTIONS IS NOW IN THE HUNDREDS - PREVIOUSLY THERE WERE ONLY A HANDFUL OF EMPLOYEES. AND WE HAVE MORE THAN DOUBLED THE NUMBER OF OUR PARTNERSHIPS WITH CRYPTO PLATFORMS IN THE LAST 18 MONTHS - TO 60 PARTNERSHIPS TODAY. "


The attitude of Visa customers towards cryptocurrencies has also changed significantly during this time: from initial skepticism to an awareness that cryptocurrencies are likely to affect their existing business in some way.


Crypto cards make it easy for consumers to convert and spend digital currencies without shops having to accept cryptocurrencies directly at the checkout.


A user's cryptocurrency is instantly converted to fiat "behind the scenes", which is basically a standard Visa transaction. Sheffield also gave specific figures in the interview: Visa has already processed crypto transactions worth 3.5 billion dollars, which underlines how strong the company has grown in just under a year.


Sheffield also said the company is working to serve as a bridge connecting the crypto industry to its global network of 80 million merchants and 15,000 financial institutions.


 Sheffield also elaborates on the importance of NFTs in the interview:


“NFTS ARE ANOTHER EXCITING ASPECT OF THE CRYPTO ECOSYSTEM THAT WE ARE CLOSELY FOLLOWING AT VISA. NFTS HAVE THE POTENTIAL TO BECOME A POWERFUL ACCELERATOR FOR THE CREATIVE INDUSTRIES AND LOWER THE ENTRY BARRIER FOR INDIVIDUAL CREATIVES TO MAKE A LIVING THROUGH DIGITAL COMMERCE. "


NFTs could also be new ways to boost small and medium-sized enterprises (SMBs). The rise of e-commerce has made it possible for small and medium-sized businesses to sell online and reach customers around the world. NFTs enable small businesses to use public blockchains to produce digital goods that can be instantly delivered to a crypto wallet.


"WE CAN ENVISION A FUTURE IN WHICH YOUR CRYPTO ADDRESS WILL BE JUST AS IMPORTANT AS YOUR POSTAL ADDRESS."

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