Payments giant Visa is working on ways to support the purchase of Bitcoin using Visa credentials, the company’s chief executive officer Al Kelly said on Fortune’s Leadership Next podcast.
„We’re trying to do two things; one is enable the purchase of Bitcoin on Visa credentials, and then secondly working with some Bitcoin wallets to allow the Bitcoin to be translated into a fiat currency,” Kelly explained.
He added that enabling the instant conversion of the cryptocurrency into fiat would enable some 70 million merchants around the world to accept BTC as a payment method.
As well as facilitating Bitcoin purchases, Visa is also working with fiat-backed digital currencies, with Kelly noting that, „We see a strong potential for those to become a new payment vehicle,” and an „accelerant” in emerging markets. He added that Visa is working with around 35 „players” in the digital currency world.
Visa’s partnerships with platforms and wallet providers include BlockFi, Fold, and Crypto.com
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