KANALCOIN NEWS – Payment giant Visa has expressed its commitment to cryptocurrencies. Visa CEO and Executive Director, Al Kelly, said that there are at least five areas the company focuses to develop cryptocurrencies.
Kelly noted that the company sees two segments in the cryptocurrency sphere. Where, one of them is bitcoin. Kelly describes bitcoin as the primary asset is used by most people.
“We think of bitcoin as digital gold,” Kelly said as quoted by Kanalcoin.com from News.Bitcoin.com.
On the other hand, his party also assessed that digital currencies, especially Central Bank Digital Currencies (CBDC) and stablecoins, were getting more and more popular. This is because digital money is directly supported by existing fiat currencies.
He further added that the company’s focus is to capture five different opportunities. For this reason, he believes that cryptocurrency is a “space for leaning”. What’s more, the position of cryptocurrencies is ranked well.
The five opportunities in question are:
First, Visa allows consumers to make bitcoin purchases. Kelly said that the company will work hard with other digital wallets to provide money exchange.
The goal, continued the man who also serves as the Health Board at Mother Cabrini, is so that the company can accommodate more people who use Visa.
Second, it allows digital currency payments to become fiat currency. This means that the company is committed to converting digital currency into fiat currency through Visa credentials.
Through this move, incoming funds can be used to shop at any of the 70 million Visa merchants who have given utility to the digital currency.
“We have more than 35 digital wallet fund platforms. This platform agrees to cooperate with us. Coinbase, Crypto.com, Blockfi, Fold, Bitpanda are just a few examples. By partnering with other platforms, it will certainly bring great opportunities for us,” said Kelly.
The third opportunity that Visa is focusing on is enabling financial institutions and financial technology (fintech) to offer crypto options to their customers.
Furthermore, Kelly explained that Visa has created an Application Programming Interface (API). This allows customers and financial institutions to buy, store, or simply trade digital currencies controlled by Anchorage, the first federally mapped digital bank in the United States.
“We have also made our first launch with First Boulevard, which is a digital neobank. The focus is on building a generation of black communities,” said Kelly.
The fourth opportunity is the “settlement”. The Visa CEO explicitly emphasized that his party had improved its infrastructure. The goal is for financial institutions to complete their transactions through digital money and stablecoins.
As for the last chance, Kelly concludes cryptocurrencies are only overseen by central banks.
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