The importance of the cryptocurrency industry, at least recently, is continuing to grow across every sector of the financial world. From technology giants designing new software to cater to crypto users’ needs, several exchanges evolve with new products to cater to the booming industry.
The immense growth at this point cannot be understated. The recent innovation is set to be by payment giants, VISA, exploring the idea of adding some cryptocurrencies to a list of the local currencies on its space. This is not the first time the financial services firm is involved with cryptocurrencies, as it currently caters to a few crypto wallets’ financial services.
Visa and Cryptocurrency partnership will be a win-win for both
This is not the first time the financial services firm is involved with cryptocurrencies. It currently caters to at least 30 crypto exchanges’ financial services by providing them unique wallet payment services. The intentions of the payment gaint were made known to the public by its CEO, Alfred Kelly, at a quarterly scheduled business meeting earlier this week.
The business executive took his time to explain to the press about his firm’s intentions towards the blooming industry and the potential they see in the industry in a few years to come. Kelly re-instated the payment services commitment to the cryptocurrency space by reminding the public that Visa’s position as one of the largest payment service provider firms catering to more than 30 crypto needs firms at the moment will only improve with the new plan in place.
The advantages of adding cryptocurrencies to their platform, according to Kelly, will bring in more speed and security to transactions involving digital assets. He also believes that the global presence and brand exposure of VISA will further add more appeal to the acceptance of cryptocurrencies in public, and he sees that as a win-win for both parties involved.
CBDCs will hold for now, as crypto is the main focus
Kelly also took his time to explain that the while the idea of trying to create a platform for stablecoins like CBDCs are exciting, VISA would solely put their focus on how most of its customers who are crypto investors and traders are going to leverage payment between their digital assets and their fiat currencies.
Visa’s intention towards creating a digital bridge between cryptocurrencies and fiat currencies are not short of exciting. This would mean that digital asset holders will not have to exchange their assets before using them to pay for any services. A few exchanges already boast of such service. Still, VISA will take it further by ensuring that the options of transacting with both cryptocurrency and fiat currencies are open to all on its network.
Kelly had also made a similar statement back then in November when he said that VISA is looking at the potential of such. However, it seems the payment provider is now set to execute their plans, despite Kelly not being specific about which cryptocurrencies will be added. There are, however, speculations that Bitcoin and Ethereum will first be added before others are considered. However, there are still groans in public about excluding CBDCs, which many feels will start to dominate in a few years.