A new round of mass adoption of cryptocurrencies is looming. Credit card giant Visa has now presented its position at a conference in quarter 2021.
The credit card provider Visa has been hinting at crypto integration for some time. There is already a collaboration with selected providers of wallets and exchanges to enable crypto purchases. The only question left is when Visa will take the next step. Visa CEO Al Kelly has now commented on this. He said his company is perfectly capable of promoting the spread of cryptocurrencies. In the same breath, he offered the prospect of adding it to the credit card company’s payment network. Kelly used Visa’s earnings announcement for the first quarter of 2021 as an opportunity to call cryptocurrencies such as Bitcoin digital gold, the increasing importance of which can no longer be denied.
There is a growing interest in digital currencies. […] In this area we see ways in which we can add differentiated value to the ecosystem. And we believe that through our global presence, partnership approach and trusted brand, we are uniquely positioned to help make cryptocurrencies safer, more useful and more applicable to payments.
VISA-CEO Al Kelly
Since the summer of last year at the latest, the rumor mill has been simmering about the integration of crypto currencies at Visa. The investment in the payment security company Anchorage, as well as the intensive blockchain research that Visa is conducting, were definitely more than a mere hint. This should now have become clear through the statements of CEO Al Kelly. But how does he envision the next steps?
Our strategy is to work with wallets and exchanges to enable users to buy these currencies using their Visa credentials or withdraw to Visa credentials to make a purchase with fiat money from one of the 70 million merchants at which Visa is accepted worldwide
Kelly was also optimistic about stablecoins. He sees this firmly anchored in global trade in the future, like any other fiat currency. The credit card provider is, so to speak, in wait. Should a cryptocurrency emerge as the dominant force in payment transactions, one can react immediately. Kelly emphasized the existing business relationships with popular crypto exchanges such as Crypto.com, BlackFi, Fold and Panda. Overall, the collaboration would have the potential to attract 50 million new Visa customers.
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