Visa, the payments giant, is interested in the stablecoin market. During conversation on the company’s financial performance, its president and CEO, Al Kelly, devoted some of his speech on the company’s commitment to blockchain-based payments. He also explained what “Visa thinks about cryptocurrencies in general. “
Al Kelly: Visa watches the cryptocurrency market
The company has recently been tracking the digital currency market. As part of the concluded partnerships, it enables the issuance of cryptocurrency debit cards. In addition, it has invested in Zap, a start-up from the modern payments market. Additionally, earlier this month, it was forced to abandon its acquisition of the $ 5.3 billion Plaid payment platform due to antitrust laws.
Kelly’s recent comments make it clear that Visa still has long-term plans for the cryptocurrency sector. The company, he suggested, believes it is in an excellent position to pursue them. According to the transcript of the conversation, Kelly said:
“We believe we are uniquely positioned to help make cryptocurrencies more secure, usable and payment-friendly.”
Pay BTC with Visa
Fans of Ethereum and the rapidly expanding DeFi market, however, may be surprised by the company’s somewhat antiquated view of smart contract platforms. The president of the company somehow cannot understand the idea of this market.
Kelly also said Visa groups blockchain-based assets into two categories: “Cryptocurrencies that represent new assets such as Bitcoin” and serve as a storehouse of value, and “stablecoins that are directly supported by existing fiat currencies ” and more often used for payment.
– Our strategy here is to work with wallets and exchanges to allow users to buy these currencies using Visa credentials or withdraw funds to our credentials to purchase from any of the 70 million retailers where Visa is accepted worldwide – added.
Visa also believes that stablecoins are “An emerging payment innovation that has the potential to be used in global trade like any other fiat currency.” Kelly also added that public blockchains can be thought of as “Payment rails” similar to RPT or ACH networks.