Hailed as one of the most robust payment processor interfaces, Visa Inc. is likely to enter a new financial phase with the inclusion of cryptocurrency trading on its channel, revealed the company’s CEO, Alfred Kelly, during a recent interaction. The spearhead opined that the entity could provide safe and transparent crypto trading to the users, including cryptocurrencies in its cluster. He claimed that virtual assets have evolved as a ‘recognized means of exchange,’ eliminating all the reasons for their avoidance as a strong payment venture.
Talking about Visa’s future plans, Mr. Kelly stated that they would follow a structured roadmap for the addition of cryptocurrencies. The team will segregate the market into two fragments, cryptocurrencies, and digital currencies.
The Visa chairman addressed cryptocurrencies as digital gold and cited that these currencies are currently stored as assets by the users rather than as payment solutions. He said that they are looking forward to teaming up with trusted crypto exchanges and wallet entities to facilitate the secure purchasing of crypto tokens. The users will be allowed to use their Visa credentials for trading or fiat purchases at any of the 70 million merchants or Visa supporting venues. The firm will draw its map to connect wallets like Line Pay and Paytm earlier.
The digital currencies segment of Visa’s roadmap will consist of fiat-pegged digital currencies like stablecoins, and central banks powered crypto tokens. The CEO is confident that these fast-growing payment channels can innovate the industry by streamlining the global commercial setup feasibly like the available fiat currencies. He revealed that nearly 35 entities are likely to adopt Visa for their ventures. The firms will include popular blockchain firms like BlockFi, crypto.com, Fold, etc.