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Visa CEO Still Uncertain on Crypto’s Role

03-09-2022

Payments giant Visa (V) intends to continue to build out its crypto platform even as CEO Al Kelly questions the ultimate utility of the sector.

 

  • “What problem are we trying to solve?” said Kelly, adding his voice to the oft-heard criticism of crypto as a solution in search of a problem.
  • While cryptocurrencies may be quite useful in emerging markets where cash can be “dangerous,” Kelly said, he’s unsure of their role in nations like the U.S. and Canada.
  • Nevertheless, he added, Visa will continue to play a role in the industry and ultimately leave it to its customers to decide whether crypto makes sense for them. In the fourth quarter last year, Visa users made $2.5 billion in payments with crypto-connected cards, up sharply from previous quarters.
  • In addition to payments, Kelly said that Visa is facilitating purchases of cryptocurrencies, creating a utility for crypto via stablecoin providers and enabling financial institutions and fintechs to offer crypto access and custody.

 

Source: Coindesk