Alfred Kelly, the CEO of the American multinational financial services corporation Visa has recently made some noteworthy comments about cryptocurrencies like Bitcoin. In its recent Q1 earnings call, the CEO noted the “growing interest in digital currencies,” as he disclosed the company’s plans for cryptocurrencies in the near future. Kelly asserts that Visa’s global reach allows for it to add value to the cryptocurrency industry through its digital payment methods.
Excerpts of the conference call reads;
“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 adds that cryptocurrencies are of two categories; digital gold, and “emerging payments innovations”. The former, which includes Bitcoin is according to Kelly, a form of digital gold. As quoted from a transcript published by Motley Fool, he said;
“We think of the crypto market in two segments. First, there are cryptocurrencies that represent new assets such as Bitcoin. Second, there are digital currencies or stable coins that are directly backed by existing fiat currencies. We see all currencies in that first segment as digital gold. They are predominantly held as assets that are not used as a form of payment in a significant way at this point.”
Rolling out the firm’s strategy, he disclosed that Visa intends to partner closely with wallets and exchanges, in order to aid the purchase of digital currencies. Users will be able to use their “Visa credentials” to carry out transactions “at any of the 70 million merchants where Visa is accepted globally.”
Prior to this, Kelly had hinted that digital currencies will be more dominant on the Visa payment platform. He made this statement shortly after over 25 digital currency wallets have connected their services to Visa.
As Bitcoin continues to gain ground in the traditional market, it is expected that many traditional payment firms will facilitate the use of cryptocurrencies on their platforms. Other fintech platforms are expected to follow suit in the nearest future. This will boost adoption for digital assets, especially Bitcoin which has become one of the most listed assets on traditional payment platforms.
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