Al Kelly, CEO of Visa, says the payments giant is leaning into the cryptocurrency space “in a very, very big way”. He outlines five key areas of crypto opportunity that Visa is focused on and explains that his company is “extremely well positioned”.
Visa focuses on 5 crypto areas
During Visa’s earnings call for the period ended March 31 last week, the payments giant outlined its commitment to the crypto space and highlighted five key areas the company is focused on.
Al Kelly, chairman and CEO of Visa, first stated that there are “two market segments” that his company sees in the crypto space. One of them is Bitcoin, which he called “primarily” a human-held asset. “We consider them to be digital gold,” he continued. “Then there are digital currencies, including central bank digital currencies [CBDCs] and stable coins that are directly backed by existing fiat currencies. “
The CEO further revealed:
Our focus is on five different possibilities that we see in this area. And I would say that this is a space that we lean into in a very, very big way, and I think we are very well positioned.
The first option, outlined by the Visa CEO, is to “allow consumers to buy these currencies, or bitcoin”. He stated, “We are working hard with wallets and exchanges to make sure we facilitate the acceptance of people’s ability to use their Visa cards to make purchases.”
The second option is to “allow withdrawals for digital currencies,” said Kelly, adding that it means “converting a digital currency with a Visa ID to a fiat, which can then be used to purchase at one of the 70’s be made available. ” Millions of Visa merchants and use the digital currency immediately. “
The CEO commented, “We have over 35 digital currency platforms and wallets that have chosen to work with us. Coinbase, Crypto.com, Blockfi, Fold, Bitpanda are just a few examples. This is certainly a second great opportunity. “
The third option in the crypto space that Visa is focusing on is to give financial institutions and fintech partners the opportunity to offer their customers a crypto option.
Kelly stated that Visa “has created APIs that allow financial institution customers to buy, hold, or even trade digital currency from Anchorage, the first nationwide chartered digital asset bank in the United States. And we did our first rollout with First Boulevard, a digital neo bank focused on building generational wealth for the black community. “
The fourth option is “settlement”, which the CEO said, “We have improved our infrastructure so that a financial institution can settle this in a digital currency with stablecoin, starting with USDC.” The final area in the crypto room is “only working with central banks,” concluded Kelly.
What do you think about Visa diving into crypto in five areas? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on the content, goods or services referred to in this article.