Visa CEO Signals Futuristic Cryptocurrency Adoption as Competitors Take Action
Visa’s CEO, Al Kelly, said that they may have to adopt digital assets in the future. During a conversation on CNBC Mad Money, Visa’s CEO showed that the company could be open to working with virtual currencies.
The former hedge fund manager, Jim Cramer, asked Kelly whether he considers virtual currencies as a challenge to Visa’s hegemony in the financial landscape. About it, he said that he does not consider cryptocurrencies as a threat in the short or medium-term.
About it, he said:
“Certainly not in the short to medium-term in any way, as I think that [the market needs to actually believe] that crypto is moving from being a commodity to really being a payment instrument. [There also] needs to be a market so that it can become somewhat like a fiat currency in order for us to be comfortable with it.”
Although the comments seem sceptical, he said that if crypto assets are able to succeed, they could be integrated into Visa. The company wants to be at the forefront of the market. Nevertheless, he said that cryptocurrencies remain a commodity for Visa rather than a payment vehicle.
Visa’s competitor, Mastercard, has also been working in the blockchain and cryptocurrency world. The company has presented different patents in which in which they mention blockchain technology and other digital assets. Furthermore, there is a patent that still needs to be approved in U.S. courts that links blockchain-based assets to fiat accounts.
Just a few days ago, VISA informed that it is ready to launch a new blockchain-based digital identity system. According to the official press release published on October 21, the company would be providing identity solutions to financial institutions.