GOOD NEWS: BTC coming to Visa.

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                                               credits: alphacard.me

Payments giant VISA could soon add Bitcoin and other cryptocurrencies to its expansive payments network, CEO Alfred Kelly said during an online appearance last week.

However, despite the words, Kelly is not entirely convinced of the broader use case of cryptocurrencies so far. The payments veteran said that while Bitcoin was among the most widely used and known cryptocurrencies, its function was more like “digital gold” and that it was “not used as a form of payment in a significant way at this point.”

Cryptocurrency services are, so far, allowed only for exchanges and wallet providers who receive fiat from a customer and exchange it to crypto on their end. This means that whenever a customer uses a “crypto card” at a retail merchant, the actual crypto itself does not interact with the VISA network. Instead, the exchange sells an equivalent amount of crypto, and VISA processes the payment in fiat.

But Kelly says that could soon change. In a corporate meeting during the firm’s first earnings call of 20201, he said that VISA could help make the crypto market more safe, secure, and useful to its millions of customers across the globe.

"TO THE EXTENT, A SPECIFIC DIGITAL CURRENCY BECOMES A RECOGNIZED MEANS OF EXCHANGE, THERE’S NO REASON WHY WE CANNOT ADD IT TO OUR NETWORK, WHICH ALREADY SUPPORTS OVER 160 CURRENCIES TODAY," SAID KELLY.



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