December 5, 2021

Crypto Will Be Huge Soon – Visa Executive

Even though crypto has been in existence for over ten years, its popularity rose greatly in the last year. The crypto market cap is over $2.1tr, which makes it higher than Apple and Microsoft put together. The way the crypto market cap has risen sharply is the same way its adoption has risen too.

Various metrics show that almost 11% of the world’s global population has invested in these digital assets. Hence, it is no wonder that Visa Chief, Kelly Alfred, opines that the digital asset space will become far greater even more than everyone imagines it, and his company aims to be a leader in this space as it keeps growing.

Like all technologies that revolutionized our way of life, especially the internet, crypto is predicted to become a technology no one, not even the government, can deny within the next half a decade. Hence, leading payment solution firms, like MasterCard, Visa, and PayPal, are already making inroads into the industry to gain a foothold in it before it becomes mainstream.

Crypto enthusiasts are optimistic about the future of these virtual assets. Therefore, it becomes necessary for every individual and corporation to embrace this new technology.

Visa’s Crypto Moves

In the last few years, Visa has been making moves in the crypto industry. When the firm’s CEO was interviewed on a popular podcast, he said Visa will still make more moves into the crypto market as it believes the crypto space isn’t saturated yet. He predicted that in the next half a decade, crypto would be extremely popular.

However, he also admitted that the industry can fall far below expectations as well, saying, “what I love most about our business is that it thrives in a winning or losing market.” He further said everyone calls bitcoin the next gold. Hence, Visa is making efforts to help its users make crypto-fiat transactions completely seamless.

Visa’s Vision And Plans About The Cryptocurrency Space 

According to him, Visa wants to expand its crypto services beyond payments. “Our R & D department is already exploring other crypto use cases as it relates to our line of business,” he concluded. He revealed that “if this market spikes as expected, we won’t want to regret not taking full advantage of it for our line of business.” “We have taken some huge steps already, but we are not relenting. We want more,” he concluded.

The company has been exploring the blockchain space for many years now towards helping its users utilize cryptocurrencies. Visa has been in agreement with several crypto-related companies towards creating crypto credit cards for its users to perform payment settlements with digital currencies. Also, it is integrating blockchain solutions to enhance the user experience when they use its payment platform.

As widely reported in various media, Visa has already expanded its crypto services to South America. Its first project is in Brazil, where the company hopes to create applications where users can conduct their fiat and crypto settlement transactions from one dashboard.