Visa just revealed its outstanding quarterly earnings. It's also the first quarter since the financial services firm increased its cryptocurrency offerings.
The service payment giant said on a recent earnings call that its customers used crypto-linked cards to make $2.5 billion in payments in the first quarter of fiscal year 2022, according to CNBC.
The factors that influence growth
According to the report, this accounted for 70% of the company's cryptocurrency volume in the previous fiscal year.
We should also remember that, in response to the soaring demand for cryptocurrency, Visa launched a global crypto consultancy business late last year to assist clients.
Cuy Sheffield, Visa's Head of Crypto at the time, emphasized that Visa must play a crucial role in bridging the gap between banks and the crypto ecosystem.
"This indicates to us that consumers see the value of having a Visa card linked to a crypto platform account. There's value in being able to rapidly and efficiently access that money, make purchases, and control expenses."
It's also worth mentioning that as part of its crypto adoption strategy, Visa has made investments and formed relationships with a variety of crypto platforms.
Visa, according to Sheffield, is currently keeping a careful eye on the NFT market.
Aside from that, the company has teamed up with ConsenSys, a blockchain technology firm, to provide new infrastructure and services for CBDC networks.