In a recent interview with CNBC on November 18, 2022, Visa CEO Al Kelly and incoming CEO of VISA, Ryan McInerney, discussed their company’s relationship with the cryptocurrency exchange platform, Coinbase following the collapse of FTX.
Al Kelly: I hope the FTX disaster accelerates stablecoin regulation
Alfred F. Kelly Jr., is the Chief Executive Officer of a global digital payments company, Visa Inc. since 2016. He hopes that the collapse of FTX will boost oversight of the crypto market.
“I hope one good thing that comes out of this FTX disaster for their investors and their employees, is that we see an acceleration towards regulation and leaning into good, stablecoin regulation. Because I think that that is what’s necessary to build back confidence for people. And we’ll see over time,” he said during the interview.
About his firm, Mr. Kelly said that Visa is laying the groundwork to offer services involving digital assets as it expects a growing demand among business owners and consumers to use credit cards to make crypto transactions.
Mr. Kelly added that “We are setting up for the reality of crypto potentially having a role in payments and money movement. You know, we don’t pick winners or losers. We ultimately let the consumer and the experience decide. But we’re creating on and off-ramps for crypto players, putting Visa cards in wallets, being able to convert the stablecoin to a fiat currency, and being able to use their Visa card to shop anywhere they want to shop.”
In continuation he added, “We’re even working on being able to settle with a merchant at the end of the day who wants to get settled in a stablecoin versus settled in a currency.”
Recent Happenings at VISA
At CrossTech World 2022 on November 16, 2022, Visa announced a strategic collaboration with FXC Intelligence during a fireside chat between Visa Direct’s Richard Meszaros, CrossTech CEO Hugo Cuevas-Mohr and FXC Intelligence CEO Daniel Webber.
Visa has elected to terminate global agreements with FTX after its sudden collapse. A Visa spokesperson said that “We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.”
The payment giant further noted “The situation with FTX is unfortunate and we are monitoring developments closely. In all our undertakings – in digital currency and beyond – our focus on security and trust remains paramount.”
In October 2022, Blockchain.com partnered with Visa to launch a crypto card, available to only United States residents initially. It allows users to pay using their crypto or cash balance wherever Visa debit cards are accepted. Visa’s head of crypto, Cuy Sheffield, added that worldwide acceptance is necessary for crypto adoption to continue to grow.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.