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Visa to Dive Into Crypto and Support CBDC Development

Visa_CEO_says_payments_Giant_is_moving_into_crypto_in_a_very_big
  • Payment giant Visa adopts more crypto.
  • Visa has recently begun settling stablecoin USDC since March.
  • CEO Al Kelly said they are looking at five different future crypto aspects.

Payment giant Visa adopts more crypto, having recently begun settlements of stablecoin USDC transactions since March.

Visa CEO Al Kelly said the firm is looking at five different future crypto aspects on Tuesday’s earnings call.

The key points include:

  • The spending and purchase of crypto
  • Settlements via stablecoins
  • Crypto-related APIs for financial firms
  • Central bank digital currencies (CBDCs)

Kelly added:

So our focus is on five different opportunities that we see in this space, and I would say that this is space that we are leaning into in a very big way and I think are extremely well-positioned.

In late March, Visa allowed USDC to settle transactions on its payment network. Clearly, this can be taken as the latest sign of the growing acceptance of crypto in the traditional finance sector.

Moreover, pairing up with Crypto.com, the two firms launched the pilot program and aim to offer the option to more partners later this year.

Visa is also in talks with central banks about how the payment giant can play a role in the CBDC development. This is important, seeing that the central banks will need to be critical of the security of these digital assets. Also, Visa stated that it could add value with the firm’s excellent track record.

In fact, Visa announced a paper in late 2020 giving a potential offline payments system for CBDCs. It is notable that most CBDC solutions ask to allow offline payments, including China’s Digital Yuan.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.