The Chief Executive Officer ’Visa’, Al Kelly, revealed that the payments giant is within a position to form cryptocurrencies more “safe, useful and applicable” and should add them to the firm’s payments network. While speaking on the firm’s fiscal primary-quarter this year earnings call, Kelly described crypto assets like Bitcoin [BTC] as “digital gold” that are “not used as a sort of payment within a significant way at now.”
“Our strategy here is to figure with wallets and exchanges to permit users to get these currencies using their Visa credentials or to live onto our Visa credential to form a fiat purchase at any of the 70 Mln merchants where Visa is accepted globally,” Kelly added.
The payments executive also explained that the stablecoins might be used for “global commerce” which “digital currencies running on public blockchains as additional networks a bit like RTP or ACH networks.”
“Today, 35 of the renowned cryptocurrency platforms and wallets have already chosen to issue Visa, along with coin-based Crypto.com, BlockFi, Fold and BitPanda. These wallet relationships represent the potential for over 50 Mln Visa credentials. Subsequent leading network features a fraction of that. And it goes without saying, to the extent a selected virtual currency becomes a recognized means of exchange, there is no reason why we cannot add it to our network, which already supports over 160 currencies today.”