Visa’s CEO Alfred Kelly has revealed his company’s plans to enable cryptocurrencies trading on its network.
In an earnings call with analysts, the CEO added that Visa wants to make cryptos ‘more useful and applicable for payments’, according to News Bitcoin. To achieve this, Visa will divide the crypto market into cryptocurrencies and digital currencies. The assets that will be included in the cryptocurrency segment are viewed ‘as digital gold’. Such currencies are not used as a form of payment in a significant way at this point, but are held as assets.
Visa’s strategy is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto a Visa credential to make a fiat purchase at merchants where Visa is accepted.
Regarding digital currencies, these will consist of ‘fiat-backed digital currencies including stablecoins and central bank digital currencies’, which can potentially be ‘used for global commerce like any other fiat currency’.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now