The fact that the crypto market is becoming more mature is evident from the fact that bitcoin (BTC) and crypto are now discussed during the earnings calls of large companies. On Monday it was Tesla that announced it had sold 10% of its bitcoin, yesterday the payment processor called Visa crypto in its meeting.
Crypto is nothing new to Visa. The payments giant has made some interesting announcements in recent months. For example, the company has recently started processing transactions with stablecoins via the Ethereum (ETH) blockchain. In addition, it develops software (APIs) for banks to make bitcoin banking services easier.
In yesterday’s earnings call, Visa CEO Al Kelly identified the five different areas in which Visa is engaged in crypto: crypto issuing and buying, crypto APIs for financial services, stablecoins settlements and central bank cryptos (CBDC). .
"So our focus is on five different opportunities that we see in this space and I would say this is a space that we are moving into in a very big way and that I think we are extremely well positioned,"
Visa says it is in talks with central banks on CBDCs. They expect that partnerships will be necessary between public and private companies. Visa thinks it can contribute to this:
“We are talking to central banks about the need for public / private partnerships and in particular about the need for adoption, because for these central bank digital currencies to have value, they must first be safe in the minds of consumers. and we have a long track record there and we can help. And then secondly, they obviously have to have some form of use, ”he said.
Visa competitor Mastercard was in the news yesterday. Together with cryptocurrency exchange Gemini, it is launching a credit card in the United States that allows consumers to earn a cashback in bitcoin.