Cryptocurrencies

Visa is growing more and more in crypto

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What would a leader be without ambitions? Visa unveils many cryptocurrency projects: it starts from Bitcoin (BTC) to CBDCs.


He loves BTC!

On April 27, 2021, The CEO of Visa, Alfred kelly, said on a quarterly earnings conference call that the company has ambitious plans for digital currencies.


Visa wants to facilitate the use of its cards for the purchase of cryptocurrencies. Kelly underlined during the call, the increase in the volume of cryptocurrency purchases via P2P exchanges with cards Visa. He did not reveal any figures, however.

During a Fortune podcast in March 2021, Kelly had unveiled his goal regarding Bitcoin : allow customers to Visa to buy directly from BTC and work with wallets BTC for “allow Bitcoin to be converted into fiat currency“.

Visa would also see an opportunity in the crypto – fiat conversion, and in their use for purchases. In the Fortune podcast, Kelly had stated that an instant conversion would mean that around 70 million traders could accept the BTC as a means of payment.

He recalled during the call that the giant had more than 35 platforms and crypto wallets working with him: Coinbase, Crypto.com, BlockFi, Fold, and Bitpanda, etc.

In a March 2021 survey, Visa found that 25% of Latin Americans would like to experiment with crypto payments.

Visa also wants to help financial institutions and fintechs offer cryptos to their customers. According to Kelly, the company created APIs to allow customers of financial institutions to buy, store, or trade cryptos held by Anchorage.

From neobanks to central banks

Visa worked with the neobank First Boulevard whose mission is to promote generational wealth in the black community. Its customers can buy and sell BTC.

Kelly also touted the infrastructure of Visa which allows financial institutions to settle transactions by USD Coin (USDC). The company had partnered with Circle in December 2020.

Visa wants to take advantage of the wave of CBDC and strives according to Kelly, to find central banks as clients: “We discuss with central banks the importance of a public-private partnership […] because for these central bank digital currencies to have any value, they will need to be secure in the minds of consumers, and that’s something we have a long history of and can help with“.

How many of these projects will Visa be able to complete within 1 or 2 years? Beyond the marketing discourse, the cryptosphere is above all waiting for actions.

More actions

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Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.

DISCLAIM

The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

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