Visa hinted at supporting cryptocurrency in the future. If the payment giant adds cryptocurrency, the industry will expand, and the global market cap could reach trillions of dollars.
Payment Giant to Enter Crypto Space
Al Kelly, the CEO of Visa, gave a signal of crypto support during a phone call with the company’s executives. Kelly said that the firm is focused on transforming the cryptocurrency sector into more “safe, useful, and applicable.” This goal will be achieved by making a trusted presence in the global market.
Visa CEO explained that the crypto sector is divided into two separate things: one is a crypto-based asset like Bitcoin, and the other one is stablecoin. The assets in the first category are described as “digital gold” by Kelly.
The chief executive further said that the payment firm will work with worldwide exchanges and wallets and let their users use Visa’s services in crypto-based transactions.
The giant tech companies are entering the industry as space gained worldwide exposure in 2020. The industry has grown extensively as the market capitalization has reached above $1 trillion.
The payment company is not new in the field as it has already permitted many crypto-based to launch Visa cards. As per the given data, the transactions via these cards have reached more than $11 trillion in value. If the crypto industry becomes successful in getting a fraction of Visa’s total transactions’ value, the market capitalization of Bitcoin and other cryptocurrencies would jump to new highs.
Last year, the world’s biggest cryptocurrency, Binance, rolled out a Visa-backed crypto card. The card was delivered to use cryptocurrency in daily life transactions. Similarly, another famous crypto exchange Crypto.com also equipped users with the facility of Visa card.
If Visa accepts digital assets, the Mastercard would dive into it. As a result, the crypto space will see transactions worth trillions of dollars.
PayPal with a user base of nearly 500 million also entered the crypto space in 2020. According to the company’s earnings reports, it has made an enormous profit as a result of crypto trading. With PayPal’s crypto gateway, those people are purchasing digital assets who were not ready to invest in it in the past. So, it was a big achievement in the history of Bitcoin.
Recently, Tesla CEO Elon Musk changed his bio of Twitter by writing Bitcoin there. Musk’s endorsement of Bitcoin has pumped the price value 20% up in the past 24-hours.
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