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Visa plans to add cryptocurrencies to its payment networks

Visa chairman and CEO Al Kelly have indicated that the payment giant could add cryptocurrencies to its list of over 160 currencies. The company aims to improve its payment network and develop greater access. Kelly was chatting on the firm’s fiscal Q1 2021 earnings call, where he described cryptocurrencies such as Bitcoin as “digital gold” that is not utilized as a method of payment vitally at this point. He stated that the payment giant would make cryptocurrencies more valuable, safe, and applicable for payments. Kelly announced that Visa could make this feasible by employing its trusted brand, association approach, and global presence.

Al Kelly differentiates blockchain assets into two categories. It involves crypto like Bitcoin that performs as a storehouse of value and stablecoins, directly backed by prevailing fiat currencies. Moreover, it helps for global commerce, just like any other fiat currency. Recently, Visa is aggressively seeking cryptocurrency payments, involving investing in Zap and developing collaborations to allow crypto debit cards.

Visa CEO says Crypto is a dominant force in payments

Further, the Visa CEO notified investors that the company would take advantage of crypto that appears as a dominant force in payments. Moreover, crypto acts as a dominant force considering over 35 major digital currency platforms. The wallet providers have chosen to partner with Visa to issue crypto payments. It involves BitPanda, Fold, BlockFi, and, among others.

He stated that digital currency had become a verified means of exchange. There is no logic why Visa cannot attach it to its network, which now carries over 160 currencies. However, Visa is faraway from being the first company that targets cryptocurrencies as a standard payment method, notwithstanding the regulatory barriers that riddle the space. 

Last year, PayPal, the significant online payment processor, stated that it would enable its consumers to possess, purchase, and sell Bitcoin and other cryptocurrencies employing fiat. Indeed, the company did so and even noticed its trading volumes skyrocket. Cryptocurrency has witnessed acceleration owing to the Covid-19 period. Bitcoin is mostly making a significant record, and the company views virtual currencies performing a more substantial role in its business in the years ahead.

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