Payments giant Visa Incâ€™s CEO Alfred Kelly has revealed his firmâ€™s plans to enable cryptocurrencies trading on its network. Kelly, who is also chairman of the firm, explains that there is no reason not to add cryptos when these are increasingly becoming â€œa recognized means of exchange.â€
Digital Gold Segment
In an earnings call with analysts, Kelly opines that due to Visaâ€™s â€œglobal presence, its partnership approach as well as its trusted brandâ€, the fintech giant is â€œuniquely positioned to help make cryptocurrencies more safe.â€ The CEO adds that Visa also wants to make cryptos â€œmore useful and applicable for payments.â€
However, to achieve this, Kelly says his organization will divide the crypto market into two segments, namely cryptocurrencies and digital currencies. Describing the assets that will be included in the cryptocurrency segment, the CEO says these will be viewed â€œas digital gold.â€ According to Kelly, such currencies are â€œpredominantly held as assets that are not used as a form of payment in a significant way at this point.â€ The Visa boss then discusses the firmâ€™s plan for such currencies saying:
According to Kelly, this strategy will be similar to Visaâ€™s approach to â€œconnect closed-loop wallets such as Line Pay and Paytm.â€
Digital Currency Segment
Concerning digital currencies that will feature in the second segment, the Visa CEO says these will be consist of â€œfiat-backed digital currencies including stablecoins and central bank digital currencies.â€ He adds that these emerging payments innovations can potentially be â€œused for global commerce much like any other fiat currency.â€
Meanwhile, the Visa CEO reveals some of the 35 organizations that have already chosen to issue Visa cards. These include leading digital currency platforms and wallets providers like â€œcrypto.com, Blockfi, Fold, and Bitpanda.â€ According to Kelly, these wallet relationships â€œrepresent the potential for more than 50 million Visa credentials.â€
What do you think of Visaâ€™s plan to introduce crypto trading on its platform? You can share views in the comments section below.
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