Visa CEO Still Uncertain on Crypto’s Role
Al Kelly questions the utility of cryptocurrencies even as the payments giant gets involved in the sector.
Mar 8, 2022 at 7:26 p.m. UTCUpdated May 11, 2023 at 5:55 p.m. UTC
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Payments giant Visa (V) 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. He spoke during Royal Bank of Canada's global financial institutions conference Tuesday afternoon.
- While cryptocurrencies may be quite useful in emerging markets where cash can be “dangerous,” Kelly said, he’s unsure of their role in nations like the U.S. and Canada.
- Nevertheless, he added, Visa will continue to play a role in the industry and ultimately leave it to its customers to decide whether crypto makes sense for them. In the fourth quarter last year, Visa users made $2.5 billion in payments with crypto-connected cards, up sharply from previous quarters.
- In addition to payments, Kelly said that 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.
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UPDATE (Mar. 9, 13:32 UTC): Includes reference to conference in which Visa's CEO spoke at.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.