Visa CEO Al Kelly said that Visa could support cryptocurrencies in the future if the global market moves in the direction of embracing them.
Kelly said that in the short to mid term, crypto as an asset class is not a threat to reserve currencies that are the basis of Visa’s products.
He also said that if the adoption of cryptos improves in the years to come, Visa will undoubtedly facilitate the demand for the asset class.
“I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable. If it goes in that direction, we will move in that direction. We want to be in the middle of every payment flow in the world regardless of how it happens or what the currency is behind it,” he said.
Kelly’s conclusion was that “So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
Visa could serve as a middleman
Visa and Mastercard are the most influential credit card service companies in the finance sector, and they’re also the most profitable businesses.
Kelly highlighted that in the long-term, Visa could serve as a middleman to attract crypto users to send and receive digital assets with Visa on its platform by providing fees to the company.
Kelly also said that until Visa feels comfortable in integrating cryptos which will be when the asset class is established and used by the mainstream, cryptos would not require intermediaries to process payments.
Crypto users can efficiently and securely transfer digital assets with non-custodial wallets and open-source platforms without having to pay additional fees on top of the transaction fee that’s provided to the miners in the ecosystem.
Closing words
Big names including Fidelity, Goldman Sachs, and Citigroup, have already started to serve investors in the crypto market by seeing sufficient demand for the cryptos, but it seems that Visa, Morgan Stanley and others remain cautious at the moment when it comes to entering the cryptosphere.
