Visa’s CEO says that the company will likely add certain cryptocurrencies directly to its network while already having partnered with 35 different crypto wallets and platforms. Visa laid out a platform-agnostic approach in the past to supporting crypto so let’s find out more about whether something will change, in the latest cryptocurrency news below.
The global financial services company Visa already has dipped its toes in the crypto space as it made partnerships with multiple crypto wallet companies and digital asset companies like BlockFi, Crypto.com, and Fold that already issue Visa-branded products. CEO Alfred Kelly suggested that cryptocurrencies could likely run towards Visa in the near future.
During the Q1 2021 earnings call, Visa’s CEO took a moment to get on crypto and the many opportunities he sees in this industry. He detailed Visa’s case for becoming the biggest financial services brand in the industry thanks to the partnerships it made with 35 platforms and wallets:
“In this space, we see ways that we can add differentiated value to the ecosystem. And we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments through our global presence, our partnership approach and our trusted brand.”
Kelly sees an industry split between Bitcoin and other types of digital coins which are predominantly held as assets and stablecoins which are fiat-backed coins. Visa thinks that the best action to take is to continue with the partnerships and to provide the users with a way to cash out their assets as desired by using their Visa credentials in more than 70 million merchants across the world. Kelly continued:
“These are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency. 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.”
The specific digital currency is becoming a real and recognized means of exchange today’s so Kelly thinks that there’s no reason to not add it to the Visa network which already supports more than 160 currencies today. Back in November, he added that Visa could see “digital currencies running on the network on a more regular basis.”