Visa will focus on cryptocurrency adoption as it considers virtual assets, like bitcoin (EXANTE: Bitcoin), as "digital gold," Visa Chief Executive Alfred Kelly said during a Q1 2021 earnings conference call.
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Kelly notes cryptocurrencies currently only held by users as assets that "are not used as a form of payment."
"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 fiat purchases," he added.
Visa's head also believes that stablecoins or central bank digital currencies (CBDCs) could have the potential "to be used for global commerce." Kelly said the company sees these regulated digital currencies as part of its "network of networks strategy."
In December last year, Visa integrated its payments network with the USDC stablecoin. As part of the partnership, Circle joined Visa's Fast Track program, focused on fintech innovations. Thanks to the partnership, businesses are now be able to send USDC payments to any business supported by Visa.
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