According to the CEO of payment giant Visa, the popularity of cryptocurrencies could grow significantly in the next five years. Visa plans to continue supporting the industry.
Speaking with Fortune CEO Alan Murray on the Leadership Next podcast, Visa CEO Alfred Kelly said cryptocurrencies could become “extremely popular” within five years. But he does not rule out that cryptocurrencies may turn out to be a passing hobby. Kelly wants to make sure Visa is “in the thick of things”:
“What I really love about our business, Alan, is that we don’t pick winners and losers. We sit and talk with you today, and I don’t know how much cryptocurrencies will grow tomorrow. Are we going to say in five years that it was a fantasy, and there was nothing special about it? Or will they be very popular? I’m not smart enough to know this. But I want to make sure that our company remains in the thick of things today. ”
The CEO said that Visa is now interested in money movement in general, not just payments:
“If cryptocurrencies go off and we can get our fair share of the trading volume, we certainly want to be ready for that. I think we have started to work quite well in this area. ”
Kelly divides cryptocurrencies into two groups. He said Visa sees bitcoin as the digital successor to gold and is working to make buying and exchanging it for fiat currencies convenient and secure.
“In this category, we are trying to do two things: first, allow the purchase of BTC in the Visa infrastructure. Secondly, to establish cooperation with bitcoin wallets that allow converting BTC into fiat currency. ”
The CEO of Visa predicts that another category of cryptoasset, stablecoins, could become a powerful payment instrument. In January, Kelly revealed that Visa plans to expand the use of cryptocurrencies in the payment network. In February, it also became known that Visa is developing a set of APIs for banks and financial institutions. They will be able to provide their clients with services for working with cryptoassets.
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