Visa CEO Still Uncertain on Crypto’s Role in the West

Payments giant Visa 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,” said Kelly, he’s unsure of their role in nations like the U.S. and Canada.
• Nevertheless, he added, Visa (V) will continue to play a role in the industry, and ultimately leave it to its customers to decide whether crypto makes sense for them. For the quarter ended December 31, Visa users made $2.5 billion in payments with crypto-connected cards, up sharply from previous quarters.
• In addition to payments, said Kelly, 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.

Read more: Visa Launches Crypto Advisory Services for Banks as Demand for Digital Assets Grows

   
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