TL; DR Breakdown
- VISA will allow users to spend crypto through its partnerships
- The company has partnered with 60 crypto companies
- The payment company wants to launch its advisory service worldwide
More users continue to relish the opportunity to own digital assets. This is because they serve other use cases asides from using it to make profits. In a bid to help users actualize their dream of spending digital assets, VISA has announced a new initiative for users on its platform. According to the payment giant, its users would be opened to an opportunity to make payments with crypto in more than 80 million merchants locations across the world.
VISA partners with more than 60 crypto investments
Talking about the initiative, the head of the crypto department at VISA, Cuy Sheffield, mentioned the update at an interview on Monday. In his statement, Sheffield mentioned that the crypto arm of the company had grown tremendously over the last few years. He positioned that they have now employed more than 100 workers working in different capacities in the company.
Sheffield also said that the crypto arm of VISA has also inked partnerships with more than 60 crypto investments across the world. In his statement, Sheffield mentioned that VISA had tapped popular crypto exchanges to offer its users the opportunity to use its card to spend digital assets at more than 60 million outlets across the world. The crypto card allows users to spend digital assets at different outlets accepting VISA cards. This is done by helping the merchants convert them into a spendable equivalent of their fiat currencies.
VISA wants to launch a crypto advisory service
In a recent statement, VISA announced that it was mulling the idea of launching a crypto advisory investment in India before the end of the month. With that, Sheffield fielded questions on whether the company is thinking about entering the country full-time. He also mentioned that even though the company is only interested in providing advisory services to investments and individuals, some factors determine that.
One such factor is how much leeway the regulatory oversight in such countries provides them. India is currently not in the best place regarding regulation on the crypto scene as there is still a tug of war about how the space should be regulated. Sheffield ended his statement by saying VISA has been working on things like the payments card for a while and would achieve their sim across the world very soon.