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VISA CEO Says Cryptocurrencies Are No Treat At All To The Company

The CEO of VISA, Al Kelly noted in an interview on CNBC about the status of cryptocurrency and its relationship with the giant payment platform, VISA. This was discussed in an exclusive interview with Mad Money host, Jim Cramer.

Cryptocurrency and Payment Platform

The evolvement of cryptocurrency a decade ago which started as a commodity and a currency has seen the transformation to becoming a payment platform of recent.
Cryptocurrency presently functions as many things, which include an asset, a commodity, a currency among others with continuous evolvement. Firms that functions in a different sphere such as a payment platform may feel threatened and have to adopt a new marketing strategy to stay atop the market.
Blockchain and crypto projects such as Ripple, Monero, among others have been making a considerate leap as a payment platform as well as a tool for facilitating cross-border transactions.

Possible Threat To VISA

When the opinion of the CEO of VISA was sought on the possible threat that cryptocurrency innovation might be to the payment platform, Al Kelly noted that cryptocurrencies are certainly not a threat to the short and medium-term goals of the firm in any way. Kelly noted that he thinks that there has to be some market that it becomes somewhat like a fiat currency for the firm to be comfortable.
He also noted that the firm would consider venturing into the cryptocurrency space if the firm thinks that crypto startups are moving from more of being a commodity to being a payment instrument.
Kelly further stated that if it goes in that direction, the firm will move in the direction. This will make the firm to be in the middle of every payment flow in the world regardless of how it happens or the currency is behind it as noted by the CEO. Furthermore, if the company have to make that decision to stay relevant, it will take it, but at the moment Kelly said cryptocurrencies are more of a commodity than a payment vehicle.
VISA Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, gift cards, and debit cards.
Recently the shares of VISA increased by almost five percent as the stock market recovered from the brutal sell off it experienced as recent as it recent rating indicates global consumer confidence.

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