Visa outline 5 approaches to propel digital currencies

Al Kelly, CEO and chairman of Visa, mentioned their plan on digital currency, including cryptocurrencies. Compared with Mastercard, Visa has a specific roadmap and plans to develop crypto, and on the way to become the leader.

First, Kelly expressed that developing Bitcoin “is one of the company’s top priorities”, which they aim at building partnership with Bitcoin wallets to let users buy bitcoin directly, as well as converting BTC into fiat currency.

Second, Visa believes that converting crypto to fiat, and using crypto for shopping is an opportunity, therefore it is now cooperating with 35 digital-currency platforms and wallets, including Coinbase, Crypto.com, BlockFi etc.

Third, Visa provides financial institutions and fintech company cryptocurrencies. The company has created APIs to allow customers of financial institutions to buy, store or trade crypto, told Kelly.

Besides, Visa enables financial institutions to settle transactions in the US dollar-pegged stablecoin, USDC, through Ethereum blockchain.

For CBDC, Visa is trying to build partnerships with banks to issue CBDC. And they have investigated an offline CBDC payment system since last year. Under this system, it can “create an experience similar to physical cash,” said Kelly.

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