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Visa Dives Into Cryptocurrency ‘In A Very, Very Big Way’ – CEO Describes 5 Crypto Priorities – Bitcoin Featured News

By on May 2, 2021 0

Visa CEO Al Kelly says the payments giant is looking into the cryptocurrency space “in a very, very big way.” He describes five key areas of crypto opportunity that Visa focuses on, saying his company is “extremely well positioned.”

Visa focuses on 5 crypto domains

During Visa’s earnings call for the period ended March 31 last week, the payments giant underscored its commitment to the crypto space, highlighting five key areas the company is focusing on.

Al Kelly, President and CEO of Visa, began by noting that there are “two market segments” his company sees in the crypto space. The first is bitcoin, which he described as “primarily” an asset owned by people. “We see them as digital gold,” he continued. “Then there are digital currencies, including central bank digital currencies [CBDCs] and stable coins which are directly backed by existing fiat currencies. “

The CEO further revealed:

We focus on five different opportunities that we see in this space. And I would say it’s a space that we lean into in a very, very big way and I think we’re extremely well placed.

The first opportunity described by the CEO of Visa is to “allow consumers to make a purchase of these currencies or bitcoins”. He explained, “We are working hard with wallets and exchanges to make sure that we make it easier for people to accept the ability of people to use their Visa cards to buy.”

The second opportunity is to “enable fiat digital currency withdrawals,” Kelly explained, adding that it means “converting digital currency to fiat on a Visa ID, which then makes those funds available to make purchases in the one of the 70 million Visa merchants and gives immediate use to digital currency. “

The CEO said, “We have over 35 digital currency platforms and wallets who have chosen to work with us. Coinbase, Crypto.com, Blockfi, Fold, Bitpanda are just a few examples. And this is definitely a second great opportunity. “

The third opportunity in the crypto space that Visa focuses on is to enable financial institutions and fintech partners to offer a crypto option to their customers.

Kelly explained that Visa has “created APIs that allow customers of financial institutions to buy, hold, or even exchange digital currencies held by Anchorage, which is the first federally-mapped digital asset bank in the United States.” United. And we did our first deployment with First Boulevard. , which is a digital neobank focused on generating generational wealth for the black community. “

The fourth opportunity is’ settlement ‘, what the CEO said,’ We have upgraded our infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC. ” The final area of ​​opportunity in the crypto space “is just to work with central banks,” Kelly concluded.

What do you think of Visa’s dive into crypto in five areas? Let us know in the comments section below.

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