Visa May Work Directly With Cryptocurrencies

Visa may work directly with cryptocurrencies. CEO Alfred Kelly made statements on the subject.

Visa, which offers financial services globally, currently provides cryptocurrency services through wallet and platform partnerships. Digital asset companies like BlockFi, Fold, and Crypto.com are already offering Visa branded products. However, Visa CEO Alfred Kelly announced that visa may work directly with cryptocurrencies in the future.   The Industry Split Between Two Cryptocurrencies Presenting the 2021 fiscal year earnings report yesterday, Visa's CEO Kelly explained the crypto and the opportunities he saw in this field. Kelly stated that Visa is the largest financial services brand in the industry through its partnership with 35 platforms and wallets. Kelly noted the following on the subject: “In this space, we see ways to add differentiated value to the ecosystem. We believe we are in a unique position to help make cryptocurrencies to become more secure, convenient and viable for payments through our global presence, partnership approach and trusted brand.” Stating that the industry is split between two types of cryptocurrencies, Kelly explained that these are stablecoins backed by traditional currencies such as Bitcoin and other cryptocurrencies and central bank digital currencies (CBDC). For Bitcoin (BTC), Visa explained that it believes the best course of action is to continue with partnerships and provide users with a way to withdraw cash from their assets as they wish, using their Visa credentials at nearly 70 million businesses worldwide. As for Stablecoin, Kelly said, "These are an emerging payment innovation that, like any other traditional currency, could potentially be used for global transaction. We think of digital currencies running on public blockchains as additional networks such as RTP or ACH networks. that's why we see them as part of our networking strategy.”   “There Is No Reason For Us Not To Add It To Our Network ...” Kelly said the following about working with cryptocurrencies: “To the extent that a particular digital currency becomes a recognized exchange tool, there is no reason why we shouldn't add it to our network that currently supports over 160 currencies.”