VISA Doubles Down on Crypto | This Week in Crypto – Dec 7, 2020


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Bitcoin has reached a new all-time high. On November 30, the currency rose beyond the $19,800 mark, breaking its previous record set in December of 2017.

Credit Card giant Visa has partnered with Blockfi to launch a credit card that rewards users in Bitcoin. Users will receive 1.5% of their purchases back in Bitcoin and a bonus of $250 in BTC after spending $3,000 or more. In a separate partnership with Circle, Visa will integrate the stablecoin USDC within its network of merchants. Visa will issue a credit card that lets businesses send and receive USDC payments directly from any business using the card.

The popular audio streaming platform Spotify has posted a job opening that reveals its intention to potentially incorporate Bitcoin and other cryptocurrencies as means of payment. The successful candidate will also lead Spotify’s activities regarding Facebook’s Libra project.

Sberbank—one of the largest financial institutions in Russia—is looking to unleash its own digital currency sometime in 2021. The bank is working with JPMorgan which had previously released its own virtual asset—the JPM Coin—which was unveiled back in October.

For the first time in quite a while, more digital funds are making their way into American crypto exchanges than Asian ones. Data from blockchain analysis firm Chainalysis shows the amount of crypto flowing into American trading platforms is now 7,000 times larger than it was at the beginning of the year.

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That’s what’s happened this week in crypto. See you next week.

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