Visa’s (V) openness to cryptocurrencies is starting to pay dividends. In its most recent earnings call last Thursday, Visa said that its customers made a total of $2.5b in payments using crypto-linked cards in its fiscal first quarter of 2022.
In a phone interview, Visa’s CFO Vasant Prabhu said the figure “signals that consumers see utility in having a Visa card linked to an account at a crypto platform. There’s value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly.”
CEO Al Kelly proclaimed that Visa will continue to “lean into” the crypto space. In fact, the payments company also announced it will be expanding its network of crypto wallet partners from 54 to 65 to include names like Coinbase (COIN), Circle, and BlockFi.
Why it matters
Despite the recent slump in crypto prices, usage of crypto-linked cards is growing fast. The $2.5b in crypto payments Visa had last quarter represents 70% of the total volume it had for fiscal year 2021.
