The company “Visa”, one of the giant companies in the field of global financial services, has already put its hand in the cryptocurrency market through digital wallet and payment card partnerships for various parties, as digital currency companies such as “BlockFi”, “Fold” and “Crypto.com” are already issuing Visa branded payment cards.
It seems that the “Visa” company was not satisfied with that, as CEO “Alfred Kelly” now suggested that cryptocurrencies could work directly on the “Visa” network in the future.
In a report by “Visa” that deals with the company’s profits in the first quarter of 2021, it mentioned in its preamble the cryptocurrency and the opportunity it presents in the field of digital payment.
The “Visa” report also provided some data and figures about “Visa” partnerships with other financial companies, many of which are active in the field of crypto, as “Visa” concluded 35 partnerships with a wallet and trading platform.
In this space (crypto space), we see ways in which we can add disparate value to an ecosystem.
We believe we are uniquely positioned to help make cryptocurrencies more secure, useful, and viable for payments through our global presence, partnership approach, and trusted brand.
Kelly believes that the cryptocurrency industry is divided into two types of digital currencies:
- Bitcoin and cryptocurrencies.
- Stable currencies and government-backed traditional currencies such as central bank digital currencies (CBDCs).
As for the first option, Visa believes that the best course of action is to continue partnerships and provide users with a way to withdraw their digital currencies as they wish, using their Visa credentials at nearly 70 million merchants around the world.
As for the second point, “Kelly” referred to her by saying:
These are emerging payment innovations that could be used in global trade, just like any other fiat currency.
We are thinking of cryptocurrencies that run on public blockchain networks as additional networks such as “RTP” or “ACH” networks, so we see them as part of our network strategy.
It can be said that any digital currency is recognized, there is no reason why we should not add it to our network, which already supports more than 160 currencies today.
The report and the amount of statements made by Mr. Kelly became much clearer than they were last November.
The company, “Visa” previously claimed that it does not want to enter the arena of cryptocurrencies, but supports digital currencies and service providers on a larger scale.
It will be interesting to see if this approach changes with the increasing adoption of stablecoins and digital currencies to central banks in the coming months and years.