Speaking at the CNBC Evolve Summit, Alfred Kelly, CEO of payments giant ‘Visa’ unveiled the company’s long term crypto strategy as adoption and usage of cryptocurrencies is expanding all over the world.
As a result of the pandemic, many people have become more involved in digital transactions and cryptocurrency is becoming a major player in such transactions. Therefore, Visa is implementing strategies to be a middle-man of payments through fiat-based cryptocurrencies.
We are not that interested in commodity-based crypto, we’re rather interested in crypto that has fiat usage, i.e cryptocurrencies that facilitates the purchase of a good or payment for a service.”
Visa is already at work with 25 crypto firms and the goal is to put Visa credentials into their system so users can convert crypto based on a fiat currency and put the funds in a wallet so the funds can be used anywhere Visa is accepted.
“Central banks around the world are looking at creating digital currencies and China is at forefront in these projects. We will like to work with central banks so as to help them as they develop a digital currency for the future”
Kelly says digital currencies will become a major part of the Visa platform, especially in emerging markets like Nigeria where millions of people have been excluded from the traditional financial system. Even though the project wont happen as soon as possible.
There are about 1.7 billion people on earth that are not banked in the mainstream banking system, including some in the United States and cryptocurrency could play a role in safe-keeping of their funds.