Crypto as Potential Player of the Global Commerce, Says Visa CEO
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Crypto as Potential Player of the Global Commerce, Says Visa CEO

February 19, 2021      Meghna Das Chowdhury

Visa CEO Al Kelly recently spoke to CNN’s Julia Chatterley in an interview and answered questions about the company’s plans regarding the crypto space and digital assets. He was seen praising the crypto industry, saying:

“The digital currencies are a potential player in the global commerce going forward.”

He also said the company does not know what is going to take off and what will not, but Visa is getting ready for whatever could possibly happen as crypto is an exciting trend.

Kelly in Support of Digital Assets

In the interview, Julia Chatterley put forward the question about what his strategy is as far as the crypto space is concerned. Kelly is passionate about financial inclusion and allowing or facilitating people to invest in crypto or digital assets if they want to accumulate wealth and thinks there’s a way to do that.

To answer this question, Kelly spoke highly about the world of digital currencies:

“There are cryptocurrencies which are kind of digital gold. Bitcoin, for example. We are, first of all, allowing and making sure that our Visa cards are used to be able to purchase Bitcoin and then when somebody wants to convert their Bitcoin into a fiat currency, to use a Visa credential to go shop at our 70 million merchants around the world. So we’re trying to create that utility.”

Digital Currencies to Become Players of the Growing Global Commerce: Al Kelly

Further, in the interview, Al Kelly spoke about the steps and initiatives that Visa has taken to include cryptocurrencies as an important player in the global commerce market. He said,

“So we’re working with 35 of the biggest crypto wallets around the world, making sure that these various digital currencies can be converted into a fiat currency and that money can then be spent from a Visa card in a wallet at any one of our 70 million merchants around the world. We’re also looking to make sure that we can, and we’ve been working on our infrastructure for 18 months to make sure that we can enable digital settlement.”

Visa’s Previous Steps for the Crypto World

Visa is currently experimenting with a couple of issues and will make sure that it comes with a solution when we talk about digital settlements. He also spoke about the launch of Visa’s crypto APIs, which are basically allowing a bank for their customers to have an on-ramp through their mobile app or their website. It will allow them to go buy, trade, and custody cryptocurrencies like Bitcoin.

In the last week of January, Al Kelly also revealed Goldman Sachs will use blockchain-powered Visa B2B Connect. The move will enable Goldman Sachs to access over 80 markets.

Visa Aiming to Lead the Marketplace

Al Kelly concluded his views on digital currencies by saying that he doesn’t know whether cryptocurrencies will be adopted or not and if they do he has little idea at what pace it will happen. However, he mentioned that if they do, they are ready to go and lead the marketplace by a lot in terms of setting up the on-ramps for people so that they can facilitate using these various digital currencies. 

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Meghna Das Chowdhury
Meghna Das Chowdhury

Meghna is a graduate of the Indian Institute of Journalism & New Media specializing in Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.