US credit card giant Visa is ready implement cryptocurrency-friendly systems if the digital coins become more established, but it doesn’t consider them as a threat at the moment, the company’s chief executive officer Al Kelly has said in a recent interview with CNBC.
“I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable,” Kelly said, as quoted by CNBC.
Kelly said in the interview that the company would consider entering the crypto business if it was convinced that “crypto starts moving from being more of a commodity to actually really being a payment instrument”.
“If it goes in that direction, we will move in that direction,” he told the host of CNBC’s TV programme “Mad Money”, Jim Crammer. Kelly also added that Visa wanted to be in the middle of “of every payment flow in the world regardless of how it happens or what the currency is behind it”.
So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
Many cryptocurrency critics argue that cryptocoins are unlikely to ever become effective means of exchange due to the high price volatility associated with them. Some crypto projects aim to solve this problem by creating so called stablecoins – a type of cryptocoins pegged to fiat currencies such as the US dollar.
Coinbase and Circle recently announced that they had joined forces to create a 100% collateralised dollar-pegged stablecoin. The token, dubbed USD Coin, is now available on coinbase.com, as well as the company’s iOS and Android apps and will be added to Coinbase’s crypto exchange offering, Coinbase Pro, in the coming weeks. The stablecoin is already on Coinbase Wallet, a user-controlled wallet where people can store ERC20 token.