•Visa CEO Al Kelly announced that the company has not taken any hits or credit losses related to the crypto space failures.
•Visa looks forward to investing in the payment ecosystem and has slowly embraced cryptocurrency investment and partnership in the last few years.
•Visa is enabling the ability to turn stable coins and cryptocurrency into fiat currency, through Visa cards, for use by over 100 million worldwide merchants that use Visa services.
Visa, one of the world’s leading payment solutions companies, has announced its continued investments and partnerships in the digital currency and blockchain space despite the current crypto sector ‘winter’. On Jan. 24, 2023, Visa CEO Al Kelly addressed the company’s investors, stating that although digital currencies have been in the headlines for fraud and losses, the company has not taken any hits or credit losses due to any crypto-space related failures.
Visa is confident in the potential of central bank digital currencies and stablecoins to become prominent parts of the payment system. The company has been investing in the digital currency space and partnering with various crypto companies in the last few years. In addition, Visa has also announced partnerships with the New York Stock Exchange to give users the ability to purchase Non-Fungible Tokens and cryptocurrencies on their Visa cards.
Visa is also enabling the ability to turn stable coins and cryptocurrency into fiat currency, through Visa cards, for use by over 100 million worldwide merchants that use Visa services. This allows users to use their digital currency to purchase goods and services from merchants around the world. The potential of digital currencies to be used as a global form of payment has been further strengthened by the recent rebound of Bitcoin, with the coin trading at $23,000 on Jan. 24, 2023, having lost almost two-thirds of its value in 2022.
The current crypto winter has not yet had a major impact on Visa, but the company is still making sure to stay ahead in the digital currency and blockchain space. With their partnerships and investments, Visa is sure to be one of the key players in the ever-evolving digital currency landscape.