To remain competitive in a fast-changing environment, Visa has put in place measures to bridge the gap between fiat and cryptocurrencies.
Visa Inc (NYSE: V) has outlined a roadmap to link the missing gap between the cryptocurrency industry and the fiat currency market. According to Visa CEO Al Kelly, besides the past announced partnership with crypto firms, Visa is working with over 30 crypto wallets to enable Bitcoin and other digital assets purchase.
“We’re trying to do two things. One is to enable the purchase of bitcoin on Visa credentials. And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted,” Kelly said.
Visa and the Crypto Industry
Visa is a global leader in electronic funds transfer. The company has several accelerator programs to further develop the financial technology ecosystem. Notably, the firm has played a critical role in rebounding the global economy from the coronavirus devastation.
However, Visa’s future growth prospects remain pegged to its ability to adapt to a fast-changing ecosystem. The cryptocurrency industry has emerged as a billion-dollar opportunity that most payment companies are willing to venture into. Furthermore, there has been a huge demand for digital assets, first of all Bitcoin, among institutional investors.
To remain competitive in a fast-changing environment, Visa has put in place measures to bridge the gap between fiat and cryptocurrencies. Moreover, Visa’s rival MasterCard Inc (NYSE: MA) is also working towards the same direction of crypto adoption. Thereby making the move to enable Bitcoin and other digital assets purchase prudently.
Speaking at Fortune’s Leadership Next’ podcast, Kelly noted that the company will work closely with crypto wallets to ensure customer protection as the top priority. Visa, which has incredible KYC and AML protocols, will significantly take the crypto and blockchain industry to the next level.
Visa is particularly focused on adopting Bitcoin as it is poised to become a payment vehicle in emerging markets. For the past decade, there has been a huge gap between fiat currencies and digital assets. Although there have been crypto firms that have already eyed the billion-dollar industry, a significant number of investors are locked out especially during a bull rally due to slow bank processing. Likewise, crypto users have to pay huge fees to convert their cryptocurrency assets to the fiat market.
Visa intends to provide a medium of exchange that is affordable especially in the emerging markets. The company has resources in place to venture into the crypto industry as opportunities present themselves. According to market data provided by MarketWatch, Visa has a market capitalization of $477.19 billion. Besides, the company remains one of the most regulated globally, thus making its entry to the crypto industry a major endorsement.