TL:DR Breakdown
- Visa set to launch crypto product.
- Visa CEO has plan for crypto services launch on the platform.
Global payment firm Visa has previously thrown its weight into crypto payment, boasting of a partnership with crypto firms like BlockFi, Fold among others. Crypto.com, another crypto firm, already issues Visa-branded products.
However, Alfred Kelly, Visa CEO, said that crypto payment and other transactions could run directly on the Visa network later in the future.
While speaking during the firm’s Q1 2021 earnings, Kelly specifically spoke about cryptocurrencies and opportunities he sees in the crypto space for Visa. He explains Visa’s potentials as the largest financial services brand in the industry through partnerships with 35 platforms and wallets.
He said they could add value in different ways to the crypto ecosystem. He also spoke about how well-positioned they are to make crypto payment and the entire space more safe, useful, and applicable for payments through their partners.
“In this space, we see ways that we can add differentiated value to the ecosystem, and we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments through our global presence, our partnership approach and our trusted brand,” he said.
Crypto payment split into two – Kelly
The CEO explains that he sees the crypto space split between Bitcoin and other altcoins, which he describes as digital gold.
Kelly believes that for Bitcoin, the best thing is to continue with partnerships and provide users a way to cash out of their assets with their Visa credentials at merchant offices worldwide.
For altcoins, stablecoins, and CBDCs, he described them as emerging payments innovation that could potentially be used for global commerce.
Previously Visa had decided it wouldn’t play favorites with the cryptos and instead provide support for coins more broadly.
Visa would work with wallets and exchanges to enable its users to buy cryptocurrencies initially in the crypto space. It also wants to allow cashing out and making fiat purchases with crypto.
