Alfred Kelly, CEO of Visa, plans to integrate cryptocurrency trading at its payment network. Kelly says that crypto trading has become a well-known model of exchange and therefore there no harm in adding crypto in its mainstream system.
Payment giant, Visa is also intending to explore the possibility of integrating crypto trading within its mainstream system. Alfed Kelly, who is the CEO as well as Chairman of Visa, said recently that the company wishes to inculcate crypto trading soon. He also said that his company is in the payment business from the time when electronic payment system wasn’t a reality but only a dream. He stated that with years of experience, Visa is in a position to offer crypto trading services in the safest way possible.
Kelly further clarified that Visa is a trusted name and therefore can enable crypto to be a more reliable mode of trading/exchanging.
As regards Visa’s crypto initiative, Kelly apprised that Visa plans to split the digital industry into two parts. One part with consist of cryptocurrencies and the other part will comprise of digital currencies, said Kelly. He further stated that in the category of “cryptocurrency” assets will be regarded as digital gold.
In Kelly’s opinion, prominent cryptocurrencies such as Bitcoin, Ethereum, Litecoin etc., are though used overwhelmingly, however their use as payment is limited. The objective of Visa would be to allow digital wallet holders/exchanges to purchase such cryptocurrencies through Visa cards. Similarly, the users will be allowed to cash out using the Visa cards. While Visa will ensure that 70 million of vendors that accept Visa are made available to Visa’s crypto customers, informed Kelly.
With regard to “digital currency”, Kelly revealed the plan that digital currencies will be backed by fiat currencies. He further said that digital currencies launched by central banks and stablecoins will also be included in the category of “digital currency”. Kelly added that these emerging and new payment methods will strengthen commerce and business globally similar to that of fiat.
Later on, Kelly also informed that so far 35 crypto entities have committed to adopt visa cards for crypto trading. Some of these entities included big names such as Bitpanda, crypto.com, Fold, and Blockfi.
According to economic analysts/experts, if Visa integrates crypto then Visa has the potential of acquiring visa creditors for 50 million people.
Earlier it was PayPal, another entity from the electronic payment system, which integrated crypto trading in its mainstream system. Since PayPal integrated crypto, PayPal’s business is booming. A few days back, an economist said that by 2023, PayPal’s revenue generation from Bitcoin trading alone will surpass US$ 2 Billion. Both, Visa and PayPal, are considered traditional rivals in terms of their businesses. Although Visa is far ahead of PayPal but PayPal has gone one step ahead of Visa when it integrated crypto services.