Visa CEO Al Kelly said that the payments giant is entering the cryptocurrency space “in a very, very large way.” He outlined five key areas of encryption opportunities that Visa is focusing on, and noted that his company is “in a very good position.”
Visa focuses on 5 crypto areas
During the Visa earnings conference call that ended on March 31 last week, the payments giant outlined its commitment to the cryptocurrency sector, highlighting five key areas the company is focusing on.
Visa Chairman and CEO Al Kelly first pointed out that his company sees “two market segments” in the cryptocurrency space. One is Bitcoin, which he describes as “primarily” an asset held by people.He continued: “We treat them as digital gold.” “Then there are digital currencies, including central bank digital currencies. [CBDCs] And stablecoins directly backed by existing fiat currencies. “
The CEO further revealed:
Our focus is on the five different opportunities seen in this space. What I want to say is that we are exploring this space in a very, very large way, which I think is very beneficial.
The first opportunity outlined by the CEO of Visa is to “enable consumers to buy these currencies or bitcoins.” He elaborated: “We are working hard to deal with wallets and exchanges to ensure that our ability to promote people’s purchases with their Visa cards is accepted.”
Kelly explained that the second opportunity is to “make digital currency redeem into legal tender”, adding that it means “converting the digital currency in the Visa voucher to legal tender, and then making these funds available in 70 countries/regions.” Any one of them. Millions of Visa merchants and immediately used the digital currency.”
The CEO pointed out: “We have selected more than 35 digital currency platforms and wallets to cooperate with us. Coinbase, Crypto.com, Blockfi, Fold, Bitpanda are just a few examples. Therefore, this is of course the second big opportunity.”
Visa’s third opportunity in the crypto sector is to enable financial institutions and fintech partners to provide crypto options to their customers.
Kelly explained that Visa has “created an API that allows financial institution customers to purchase, custodial, and even trade digital currencies held by Anchorage, which is the first federal government-licensed digital asset bank in the United States. We have already done so on First Boulevard. This is the first deployment. This is a new digital bank dedicated to building wealth for the black community from generation to generation.”
The fourth opportunity is “settlement”, the CEO said: “We have upgraded the infrastructure so that financial institutions can start with USDC and use stablecoins to solve these problems with digital currencies.” Kelly concluded that the cryptocurrency field The last chance is to “cooperate only with the central bank.”
What do you think of Visa’s involvement in cryptocurrency in five areas? Let us know in the comments section below.
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