Visa reaffirms commitment to crypto payments & fiat on-ramps

admin

Home » Cryptocurrency News » Cryptocurrency News » Visa reaffirms commitment to crypto payments & fiat on-ramps Visa reaffirms commitment to crypto payments & fiat on-ramps January 30, 2021 The payments giant is bullish on stablecoins, but may be overlooking the potential of DeFi 2902 Total views 10 Total shares During the Visa Q1 earnings…

imageHome » Cryptocurrency News » Cryptocurrency News » Visa reaffirms commitment to crypto payments & fiat on-ramps Visa reaffirms commitment to crypto payments & fiat on-ramps January 30, 2021 The payments giant is bullish on stablecoins, but may be overlooking the potential of DeFi
2902 Total views
10 Total shares
During the Visa Q1 earnings call on Thursday, chairman and CEO Al Kelly devoted a portion of his comments to reaffirming the financial giant’s commitment to crypto payments and onramps, as well as explaining “how Visa thinks about crypto in general and our approach.”
The financial services firm with over $72 billion in assets as of 2019 has been aggressively pursing crypto payments as of late, including by way of partnerships enabling crypto debit cards, and investing Zap, a crypto payments startup.Additionally, earlier this month Visa was forced to abandon a $5.3 billion acquisition of payments platform Plaid on antitrust grounds.
Thursday’s comments make it clear that Visa still has long-term plans in the sector, and that the company believes itself to be in an excellent position to pursue them.According to a transcript of the call, Kelly said “we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments,” by virtue of Visa’s size, integrations, and brand recognition.
Fans of Ethereum and the explosive growth of DeFi might be taken aback by the company’s somewhat antiquated view on smart contract platforms, however.
Kelly said that Visa groups blockchain assets into two categories: “cryptocurrencies that represent new assets such as Bitcoin” and serve as a store-of-value, and “stable coins that are directly backed by existing fiat currencies” which are more routinely used for payments.
For store-of-value coins, Kelly said that Visa will angle to serve as a fiat on-ramp:
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”
When it comes to stablecoins, however, Visa is taking a much more bullish stance, calling the cryptocurrencies “an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency,” and said that public blockchains can be thought of as payment rails similar to RPT or ACH networks.
The company also told investors that Visa would be poised to take advantage of any crypto that emerges as a dominant force in payments due to relationships with wallet providers such as “Crypto.com, [BlockFi], Fold and BitPanda,” as well as a possible direct integration with their 160-currency payments network.
The focus on payments echoes similar sentiments expressed by JPMorgan Chase executives, who also appear to be overlooking DeFi’s remarkable rise throughout 2020.Share this: Chainalysis Reportedly Cuts 39 Jobs Aiming to Boost Profit Margins Blockchain analytics firm Chainalysis is reportedly letting go of 39 of its employees in order to become more profitable.On Nov.

21, Coindesk reported that Chainalysis is cutting its workforce by nearly 20%, eliminating positions across the board to the tune of 39 employees laid off.According to Maddie Kennedy, Chainalysis’ director of communications, the research… US Senate to Hold Debate on Crypto, Blockchain Regulatory Frameworks The United States Senate Banking Committee is set to hold a broader debate on crypto and blockchain regulatory frameworks next week.An official committee announcement indicates the hearing — entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain” — will take place on July 30.The planned witnesses will be Jeremy Allaire, co-founder and CEO of payments… Security Is the Biggest Challenge for DeFi’s Continued Growth, Says Exec The founder of blockchain security company Quantstamp, Richard Ma, said security is the biggest challenge for DeFi’s growth.652 Total views 13 Total shares Richard Ma, the CEO and co-founder of the blockchain security startup Quantstamp, explained that decentralized finance has the potential to change our financial ecosystem but security remains a huge challenge.“We think… Reasons Why US Government Won’t Ban Libra Cryptocurrency Things are heating up for Libra: This week’s United States congressional hearings showed that many politicians are not convinced by the safety aspects of Facebook’s cryptocurrency project, as they grilled the social media giant on privacy- and trust-related issues.

In response, Facebook keeps stressing Libra’s compliance with regulators and readiness to discuss possible frameworks.Meanwhile, a… Bitcoin Price Rejected at Key Level Near $9,000 Over the past five days, Bitcoin (BTC) has rallied more than $1,000, from $7,770 to $8,835, giving the crypto space hope of further upside.Bitcoin’s Oct.11 daily candle, however, faced rejection near a few key levels, showing that crypto’s largest asset is still struggling to hit the $9,000 mark.

Daily crypto market data.Source: Coin360Bitcoin rejected… Demand for Bitcoin Surges in Argentina as Default Looms Volumes of the cryptocurrency in Argentine pesos, Bitcoin, and U.S.

dollars have risen substantially since January 2018.747 Total views 27 Total shares The volume of Bitcoin (BTC) in Argentine pesos has risen exponentially since the 2018 cryptocurrency crash, as the country faces a possible default on $65 billion in foreign debt.Arcane Research posted data… Spanish Police: Bitcoin ATMs a Blind Spot for Money Laundering Laws Spanish law enforcement pointed out that Bitcoin (BTC) automated teller machines (ATMs) show a gap in European Union’s Anti-Money Laundering (AML) regulations, Bloomberg reports on July 11.Per the report, Spanish police uncovered a local gang that used Bitcoin ATMs to transfer more than 9 million euros ($10 million) for drug traffickers in Colombia and other… IBM Joins Decentralized ‘Yellow Pages’ for Blockchain Projects IBM has joined a decentralized cross-blockchain registry initiative which it states is a Yellow Pages analogue for blockchain projects, according to an announcement September 13.The initiative called Unbounded Registry will be led by blockchain startup HACERA, and is designed to provide “a decentralized means to register, look up, join and transact across a variety of… Deloitte Rolls Out Demonstrational Blockchain Platform Big Four audit and consulting firm Deloitte has rolled out a blockchain-based platform designed to provide users with blockchain demonstrations and experimentations.In a press release published on Aug.19, Deloitte revealed the launch of the Blockchain in a Box (BIAB) platform, which the company built based on customer interest in understanding blockchain capabilities in real… Leave a Reply You must be logged in to post a comment.Search.

Leave a Reply

Next Post

CoinMarketCap Adds Wall Street Bets (WSB) Informational Ticker

CoinMarketCap Adds Wall Street Bets (WSB) Informational Ticker To say that the last few days have been exciting would be a massive understatement in regard to the global financial markets. A group of retail investors, united behind the same cause of rebelling against “smart money” on Wall Street, brought out plenty of things that are…

Subscribe US Now