Global financial services giant Visa has already entered the Bitcoin and cryptocurrency space due to wallet and platform partnerships. Digital asset companies BlockFi, Fold, and Crypto.com are already publishing Visa-branded products. However, CEO Alfred Kelly suggests that cryptocurrencies could operate directly in the Visa network in the future.

 

 

In Visa’s 2021 earnings call yesterday, Visa CEO Alfred Kelly took the time to mention crypto and the opportunity he saw in this field. He detailed Visa’s status as the largest financial services brand in the industry through partnerships with 35 platforms and wallets. “In this space, we see ways of adding differentiated value to the ecosystem. We believe we are in a unique position to help make cryptocurrencies more secure, convenient and viable for payments through our global presence, common approach and trusted brand, ”he said.

Kelly sees the industry split between two types of coins. Bitcoin (BTC) and other “digital gold” variations “predominantly viewed as assets”, stablecoins and CBDCs. For one, Visa is the best action to continue partnerships and give users; He believes that using it on some 70 million vendors worldwide is to show a way to exploit their assets the way they want.

As for the second group, Kelly says, “These are a new payment innovation that, like any other fiat currency, could have the potential to be used for global trading. “We think of digital currencies running on public blockchains as additional networks like RTP or ACH networks, so we see them as part of our network strategy,” he said. He also added:

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“TO THE EXTENT THAT A PARTICULAR DIGITAL CURRENCY BECOMES A RECOGNIZED EXCHANGE VEHICLE; THERE IS NO REASON FOR US NOT TO ADD TO OUR NETWORK, WHICH IS SUPPORTING MORE THAN 160 CURRENCIES TODAY. ”

Visa’s previous Bitcoin reviews

Kelly said in November that Visa “can work more regularly with digital currencies running on the Visa network,” albeit “a few years later”.

Visa has previously claimed that it does not want to deal with cryptocurrencies, but instead supports coins and providers broadly. It may be interesting to see whether this approach is changing as the adoption of Stablecoin and CBDCs increases in the coming months and years.

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