Posted 5 months ago | by @devadmin
During a podcast with Fortune CEO Alan Murray on the “Leadership Next” show on Spotify, VISA CEO Al Kelly stated that cryptocurrencies could become “extremely mainstream” in five years.
While Kelly doesn’t rule out that crypto could end up being a “fad,” Kelly stated that VISA wants to make sure that the global digital payments giant is “in the middle of it.”
“The thing about our business that I actually like, Alan, is that we don’t pick winners and losers. You know, as you and I sit here and talk today, I don’t know to what degree cryptocurrencies are gonna take off. Are we gonna say in five years that it was a fad and it wasn’t a big deal? Or is it gonna be extremely mainstream? I’m not smart enough to know, but what I’m smart enough to do is make sure that our company is in the middle of it today,” Kelly said.
The executive further claimed that VISA is all about letting its customers move their money instead of solely focusing on payments. This is despite previous claims over the years that those that made transactions connected to cryptocurrency had their accounts locked out and shut down.
“If it takes off and we can get our fair share or more of the volume because we anticipate that possibly could take off and become a big deal, we certainly wanna be prepared for that, and I think we are off to a very good start.”
Payments giants VISA, Mastercard, and PayPal have in the past had a poor relationship with Bitcoin and cryptocurrencies. in fact, in 2018, all three companies cracked down on Bitcoin and cryptocurrency purchases in the wake of Bitcoin’s massive 2017 bull run, which ended with a massive drop from $20K to around roughly $3,500K. Since, then all three companies have lightened up on cryptocurrency and are now diving into the market head first.
When it comes to VISA, the company has previously announced its plans to help banks roll out Bitcoin and cryptocurrency buying and trading services with a Visa crypto software program after partnering with at least 35 crypto companies in recent years. Using Visa’s crypto APIs, banks will be able to offer several cryptocurrency services to their customers, including — buying, trading, and custody of Bitcoin, as Bitboy Crypto reported.
Bitboy Crypto further previously reported that 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.”
VISA additionally 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.
VISA also has partnered with Ethereum-based USDC stablecoin, announcing they would 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. So the digital payments company seems to be all in when it comes to being exposed in the cryptocurrency market.
Bitcoin is currently trading at [FIAT:$55,421.85] UP +0.3% in the last 24 hours according to Coingecko at the time of this report.