Visa Reveals How Much Money Was Used With Crypto Wallets

As various financial institutions have grown more accepting of digital currencies all over the world, CNBC reports that Visa’s customers used $2.5 billion in payments with crypto wallets in its fiscal first quarter of the year.

The financial services company also said it has increased its number of crypto partnerships to over 65, including Coinbase and BlockFi.

“To us, this signals that consumers see utility in having a Visa card linked to an account at a crypto platform,” Visa CFO Vasant Prabhu said. “There’s value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly.”

Visa said Dec. 8 that it will launch a new service tol help consumers navigate and comprehend cryptocurrencies.

“The case for crypto is getting stronger for financial institutions,” the company said in a press release. “New U.K. insights from global research highlight that … 41% of U.K. adults surveyed have either used cryptocurrencies or view them positively.”

Deputy CEO of Visa Europe Antony Cahill says that “every financial institution will need a crypto strategy,” as crypto symbolizes “a technological shift for money movement and digital ownership.”