There have been a lot of moves made towards the achievement of an important goal – the mainstream adoption of the digital assets and their underlying tech, the blockchain.
Now, Visa highlights that it’s also planning on supporting crypto in the long run.
Alfred Kelly, CEO of financial services goliath Visa, just revealed the firm’s long-term strategy in the crypto space.
It seems that some great news pops up as digital assets are set to play a much larger role in the post-pandemic global economy.
Crypto becomes an important element in global transactions
Kelley spoke at the CNBC Evolve Summit and said that crypto is currently becoming a more prominent player in global transactions.
More than that, Visa is looking forward to being in the middle of payment flows that are made via fiat-based cryptos.
“Crypto is a developing part of payments in the world. It’s in a very nascent state right now,” he said as quoted by the Daily Hodl.
He continued and said, “We are very interested in cryptocurrencies. We are not as interested in crypto that is more of a commodity-based play. We’re interested in crypto that ultimately becomes fiat-based, so there’s a clear understanding of the value when there’s an exchange of crypto for the purchase of a good or a service.”
Kelly revealed that Visa is already working with 25 crypto firms.
“We’re facilitating putting a Visa credential into their system where you can convert your crypto-based on a fiat currency and put the funds in a wallet where you can use them at anywhere Visa is accepted. It’s a way of making those funds valuable and usable across our network.”
Kelly is also seeing central bank digital currencies (CBDCs) as a major development that Visa plans to facilitate.
The adoption of crypto assets is growing stronger, and this triggers a rise in the price of BTC and altcoins.