Visa reveals new plans to integrate crypto with its network
The program introduces the use of the Visa infrastructure so that users have greater exposure to digital currencies.
The company that provides products and services for financial operations, Visa, revealed in its last earnings report that it intends to integrate a cryptocurrency payment system within its current infrastructure, incorporating several aspects that constitute a bridge between the finance sector. Traditional and the world of digital currencies.
Visa's plans for cryptocurrencies
In this regard, Visa CEO Alfred Kelly offered more details about the types of initiatives that the company would consider to integrate cryptocurrencies into its service infrastructure.
The first program contemplates the possibility of buying cryptocurrencies with Visa cards operating around the world, with which the product would serve as a direct mechanism for those who wish to acquire digital currencies to do so.
Another approach considered would be a system for converting cryptocurrencies to fiat currencies at the checkpoints enabled by Visa, which could be associated with businesses duly authorized by the company.
And the other perspective, already more associated with the products and services managed by fiat, has to do with allowing financial institutions to settle crypto transactions through stablecoins such as USDC. These settlements would be a more intermediate bridge between both ecosystems, providing the opening for the use of specific digital currencies without suffering the volatility seen among other market participants.
Concerning all these possibilities, Kelly stressed that this constitutes a significant advance to legitimize Bitcoin and the crypto world. The operation seeks to open spaces for interested consumers to have more substantial contact with these assets in their daily operations.
Is Bitcoin the new gold?
It is no secret to anyone that Visa has been one of the companies in the traditional sector that have undergone a very radical change about cryptocurrencies. There is interest in integrating crypto into its operations model, which would open the way for millions of people to interact more directly with these technologies.
Specifically, it has been the CEO of Visa, which has made the most favorable comments for cryptocurrencies. The company saw both Bitcoin and other digital currencies from the perspective of the new "digital gold," thus coinciding with reputed exponents from various markets who also support this perspective.
On the other hand, for Kelly, it is only a matter of time before digital currencies become extremely conventional among people, either as payment mechanisms and a store of value.
Currently, Visa is moving on several fronts to begin to materialize its integration with digital currencies. Recall that the company has already settled payments in USDC. Currently, Crypto.com is listed as the leading member of its payment network, allowing it to issue crypto debit cards backed by the company.