Visa CEO Al Kelly communicates that the payments giant is leaning into the cryptocurrency space “in a very, very big way.” He outlines five key areas of crypto openings that Visa is focusing on, stating that his company is “extremely well-positioned.”
Visa Is Focusing on 5 Crypto Areas
During Visa’s earnings standing by for the period ended March 31 last week, the payments giant outlined its commitment to the crypto space, highlighting five key spaces the company is focusing on.
Al Kelly, Visa’s chairman and chief executive officer, began by noting that there are “two market sections” his company sees in the crypto space. One is bitcoin, which he described as “primarily” an asset held by people. “We kind of contrive of them as the digital gold,” he continued. “Then there are digital currencies, including central bank digital currencies [CBDCs] and stablecoins that are in a little while backed by existing fiat currencies.”
The CEO further revealed:
Our focus is on five different opportunities that we see in this arrange. And I would say that this is a space that we are leaning into in a very, very big way and I think are extremely well-positioned.
The word go opportunity the Visa CEO outlined is “enabling consumers to make a purchase of these currencies or bitcoin.” He elaborated, “we’re working hardbitten with wallets and exchanges to just make sure we’re facilitating acceptance in people’s ability to use their Visa greetings cards to buy.”
The second opportunity is “enabling digital-currency cash-outs to fiat,” Kelly explained, adding that it means “converting a digital currency to a fiat on a Visa credential, which then represents those funds available for shopping at any one of the 70 million Visa merchants and gives immediate utility to the digital currency.”
The CEO notable: “We’ve got over 35 digital-currency platforms and wallets that have chosen to work with us. Coinbase, Crypto.com, Blockfi, Hug, Bitpanda are just some examples. And so that’s certainly a second big opportunity.”
The third opportunity in the crypto space Visa is heart on is enabling financial institutions and fintech partners to be able to offer a crypto option for their customers.
Kelly disclosed that Visa has “created APIs that enable financial institution customers to purchase, custody, or even swop digital currencies held by Anchorage, which is the first federally charted digital asset bank in the U.S. And we’ve done our foremost rollout with First Boulevard, which is a digital neobank focused on building generational wealth for the black community.”
The fourth moment is “settlement,” which the CEO said: “We’ve upgraded our infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC.” The endure area of opportunity in the crypto space “is just working with central banks,” Kelly concluded.
What do you over recall about Visa diving into crypto in five areas? Let us know in the comments section below.
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