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13 May 2021

Visa Outlines Five Ways It's Pushing into Crypto - Decrypt

Visa Outlines Five Ways It's Pushing into Crypto - Decrypt

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Visa chairman and CEO Al Kelly said in a quarterly earnings call on April 27 that the company has ambitious plans for digital currencies.

In the earnings call, Kelly reported an increase in the volume of crypto purchases with Visa cards (from exchanges or peer-to-peer platforms, but didn’t say by how much.

Kelly said the third area for Visa is helping financial institutions and fintechs to offer crypto to their customers.

He said the company has created APIs to allow customers of financial institutions to buy, store or trade digital currencies held by Anchorage.

In December 2020, Visa partnered with Circle, the company that creates USDC along with Coinbase,to integrate USDC.

Settling in USDC adds to the 160 currencies the company transacts in each day, and the 25 currencies in which the company settles transactions each evening, Kelly said in the earnings call.

"We're talking to central banks about the criticality of public-private partnership [...] because for these central bank digital currencies to have value, they're going to have to both be secure in the minds of consumers, and that's something we have a long track record with and could help,” he said.

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