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 sorun are we trying to solve,” said Kelly, adding his voice to the oft-heard criticism of crypto as a solution in search of a sorun.
- 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