Cryptocurrencies are going mainstream in a big way. The biggest players in the financial industry are adopting cryptocurrency and blockchain technology to tap the growing markets.
Visa, the payments behemoth, could add cryptocurrency in its payments network as per the company CEO.
Visa May Add Cryptocurrency on Its Network
As per the CEO of Visa, Alfred Kelly, Visa may soon roll out support for cryptocurrencies directly on its network. The financial services behemoth already has tie-up with several cryptocurrency services providers like BlockFi, Crypto.com, and Fold that offer cards which work on Visa. With cryptocurrency partnerships with the various wallets and platforms, Visa has already ventured into the digital assets space; however, offering direct support for bitcoin and other crypto would be a gamechanger. Visa is the most widely used financial services brand in the market. Visa CEO talked about the company’s vision in the Q1 2021 call highlighting the opportunities that lie in the cryptocurrency space. He said that Visa is uniquely positioned in the market that it can aid in making cryptocurrencies safer and useful for payments.
Talking about stablecoin and CBDCs, Kelly highlighted that” these are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency,” said Kelly. “We think of digital currencies running on public blockchains as additional networks just like RTP or ACH networks, so we see them as part of our network of networks strategy.”
Visa CEO also detailed that since several digital currencies are recognized as means of exchange, it is sensible to add that to their network along with over 160 fiat currencies Visa supports. Back in November, Kelly said that in few years, Visa could see digital currencies be operational on its network regular basis. He said that Bitcoin is just like digital gold, which is currently not used as a form of payment in a substantial manner. He added that the company wants to work with the various exchanges and Wallets to allow users to pay with the cryptocurrencies through their Visa account credentials. The firm will work with partners to allow users “to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,”
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