Visa’s CEO Alfred Kelly released new information about his company’s plans to allow cryptocurrencies on its network. Kelly said there was no reason not to add cryptocurrencies since they are increasingly “recognized as a method of exchange.”
During an earnings call, Kelly said that because of Visa’s “global reach and brand”, the company is “uniquely stationed to make cryptocurrencies safer.” The CEO added that Visa also intends to make cryptocurrencies “more useful.”
Kelly then said Visa will segment the market into two areas, cryptocurrencies and digital currencies. Saying the cryptocurrency segment will include cryptos that are viewed “as digital gold.” According to Kelly, such currencies are “held as assets and not used as a method of payment.” The CEO then talked about the company’s goal for such currencies:
Our strategy is to create partnerships with exchanges to let customers purchase these currencies with their Visa credentials or to use their Visa to make a purchase anywhere Visa is accepted.
Concerning the second segment, the Visa boss said these will contain “fiat-backed digital currencies such as central bank issued digital currencies.” He added that these emerging innovations may be “utilized in the future for commerce just as any other currency.”
The Visa leader also revealed some of the 35 partners that have already signed on. These include providers like “Bitpanda, crypto.com, Blockfi, and Fold” Kelly said these partnerships “represent the future of more than 50 million Visa credentials.”