Holders of Visa's crypto-linked cards spent over $1 billion in the first half of 2021, the company said in an announcement. Visa said it is partnering with 50 of cryptocurrency platforms on card programs. The company also said it added the FTX cryptocurrency exchange to its Fintech Fast Track list.
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"We have been busy at Visa, connecting the crypto economy to our ‘network-of-networks,’ a strategy designed to add value to all forms of money movement, whether on the Visa network, or beyond," the company added.
However, Visa CFO, Vasant Prabhu, told CNBC the Foster City-based company does not hodl cryptocurrency on its balance sheet yet as this is not typically the way the company get paid or the way it pays people.
"We do not hold crypto currencies on our balance sheet today. We hold currencies on our balance sheet that we need to run our business," Prabhu said.
Earlier in June, Blockchain Capital, a cryptocurrency-focused venture capital firm, raised $300 million for its fifth fund called Blockchain Capital V, LP from a number of investors, including PayPal and Visa.
The firm will use the raised capital to invest in blockchain infrastructure, decentralized finance (DeFi), and non-fungible tokens (NFTs). Blockchain Capital says that a number of investors in Fund V will be participating in the firm's strategic partnership program, including PayPal and Visa.
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