Visa, an American multinational corporation, reports that over $1 billion was spent using its crypto-linked cards in the first six months of 2021.
According to a statement issued by the business on Wednesday, the value of crypto assets housed in regulated digital wallets is in the hundreds of billions of dollars.
It said, “We are partnering with 50 of the leading crypto platforms on card programmes that make it easy to convert and spend digital currency at 70 million merchants worldwide.
“With more than $1bn spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”
Visa added, “We are seeing digital wallets and crypto platforms build payment products entirely with digital currency. For example, the fast-growing FTX platform, a new Fintech Fast Track member we’re announcing today, is paying 50 per cent of their remote employees in USDC.
We are making our network more accessible to this growing ecosystem with capabilities like USDC settlement and through our partnership with Circle. As we look to the future, stable coins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development.
According to the business, there are more than $100 billion in stable coins in circulation, with hundreds of billions transferred on public blockchains each month, indicating that stable coins are beginning to live up to the promise of digital money.
In a related development, Cointelegraph revealed on Wednesday that the daily revenue of bitcoin miners has increased by more than 50%.
Those who have not been harmed by the relocation of miners from China have seen half of their competitors leave overnight, producing a surge in profitability.
“We have a very interesting dynamic where approximately 50 per cent of the power is currently offline and incurring a great number of costs due to logistics and just simply not hashing, having hardware that’s not currently working, and the other 50 per cent has essentially seen half their competition drop off the network,” an analytics firm, Glassnode, said.
Glassnode also stated that average block time had reached new highs in the last week. The time required to construct the next block in a chain, according to Investopedia, is referred to as block time. It is effectively the amount of time it takes a blockchain miner to solve the hash, which is a random string of characters linked with the block.