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The crypto industry will soon welcome another payments giant into its fold. Visa has recently revealed plans to allow cryptocurrency trading on its network.
Visa Inc’s CEO Alfred Kelly revealed that the firm’s plan to enable crypto trading on its network during Thursday’s earnings call, according to Cointelegraph. He explained that there is no reason not to add cryptocurrencies when they are increasingly being recognized as a means of exchange.
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said.
The CEO explained that Visa’s entry into the crypto space could make cryptocurrency payments safer. Being is one of the largest payments platforms worldwide, Visa is a recognized brand with a global reach.
“In this space, we see ways that we can add differentiated value to the ecosystem,” Kelly explained. “And we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful, and applicable for payments through our global presence, our partnership approach, and our trusted brand.
Visa views the crypto market in two segments. The first segment is where crypto is viewed as a new asset class held by investors while the second segment is where cryptocurrency is used as a means of payment.
“First, there are cryptocurrencies that represent new assets such as Bitcoin…,” Kelly said, according to The Motley Fool. “We see all currencies in that first segment as digital gold. They are predominantly held as assets that are not used as a form of payment in a significant way at this point.”
Visa will be partnering with various crypto service providers to enable investors to buy cryptos on its network. “Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” he explained.
Kelly also revealed the payments giant’s approach for the second segment, where stable coins and CBDCs are involved. “For the second segment, fiat-backed digital currencies, including stable coins and central bank digital currencies, these are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency,” the Visa CEO explained. “We think of digital currencies running on public blockchains as additional networks just like RTP or ACH networks, so we see them as part of our network of networks strategy. Across both of these segments, we are the clear leader in this space.
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