It’s settled then! VISA CEO Al Kelly has said that the payments giant is leaning into the cryptocurrency space in a very, very big way. He also stated that his company is extremely well positioned for this new frontier.
These comments were made during the VISA earnings call last week for the period ending March 31, where the payments titan outlined its commitment to the crypto space. Also highlighted were five key areas of crypto opportunities that the company is focusing on.
Al Kelly, the VISA chairman and chief executive officer, began by noting that there are two market segments that his company sees in the crypto space.
One is Bitcoin, which he describes as primarily an asset held by people. This, the company thinks of as digital gold. Then there are digital currencies, including central bank digital currencies and stablecoins that are directly backed by existing fiat currencies.
The CEO further reveled:
“Our focus is on five different opportunities that we see in this space. 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.”
Detailing the first of these five opportunities, the VISA CEO outlined that it is enabling consumers to make a purchase of Bitcoin and other digital currencies.
The second is enabling digital currency cash outs to fiat on a VISA credential that makes those funds available for shopping at any one of the 70 million merchants on the network, and giving immediate utility to the digital currency.
Third on the list is enabling financial institutions and fintech providers to be able to offer a crypto option for their customers.
Fourth opportunity is settlement, for which the company has very recently upgraded its infrastructure to allow financial institutions to settle with in digital currency with stablecoin, starting with USDC.
And finally, the fifth and last area of opportunity in the crypto space is just working with central banks.
Sounds like a man with a plan!
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