Payments giant Visa is increasingly embracing cryptocurrencies, having recently begun settlements of stablecoin USD Coin transactions since March.
Visa leaning into crypto in a ‘very big way’
During an earnings call on April 27, Visa CEO Al Kelly stated that the firm is looking at five individual aspects in crypto going forward. The few key elements include the spending and purchase of cryptocurrencies, crypto-related APIs for financial firms, settlements via stablecoins, and central bank digital currencies (CBDCs). Kelly added:
So our focus is on five different opportunities that we see in this space, and I would say that we are leaning into [it] in a very big way and are extremely well-positioned.
In late March, Visa allowed the use of USDC to settle transactions on its payment network, as the latest indication of the growing acceptance of digital currencies in the traditional financial industry. Partnering with Crypto.com, the payments giant launched the pilot program and aims to offer the option to more partners later this year.