Posted 9 months ago | by @devadmin

Visa’s CEO Al Kelly stated the payment service is in a place where they can make cryptocurrencies more “safe, useful and applicable” and may add cryptocurrencies to the company’s payments network.

Kelly announced the potential integration on the company’s fiscal first-quarter 2021 earnings call,  describing cryptocurrencies like Bitcoin as “digital gold” which are “not used as a form of payment in a significant way at this point.”

“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly expressed.

Additionally, Kelly discussed how stablecoins could be used for “global commerce” and that “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”

Kelly added:

“Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlockFi, Fold and BitPanda. These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that. And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”

Viaa announced a partnership with BlockFi last year to introduce a credit card that will offer Bitcoin as rewards. Like many “cash back” cards, the card will kick back 1.5% of all purchases – but in Bitcoin instead of cash.

The card is going to also offer a lump sum of $250 in Bitcoin for users that spend more than $3,000 in the first three month after activating the card. It will be issued by Evolve Bank & Trust, and will also carry a $200 annual fee.

VISA also partnered with Ethereum-based USDC stablecoin, announcing they will be connecting their global payments network of over 60 million merchants to the U.S. Dollar Coin (USDC) issued on Ethereum and developed by Circle Internet Financial, as we shift towards a world of digital cash.

Bitcoin is currently trading at {FIAT: $33,723.40] UP +4.1% in the last 24 hours according to Coingecko at the time of this report.