Bitcoin [BTC] and other cryptocurrencies cannot mow existing financial giants yet, says Visa CEO

The world of cryptocurrencies has still not managed to rattle established fiat players in the market, at least according to Visa CEO, Al Kelly. The Chief Executive Officer [CEO] of the credit card giant was confident in stating that cryptocurrencies like Bitcoin [BTC] are still a commodity and not a form of transaction.

The Visa official, while speaking to CNBC, stated that the concept of cryptocurrencies was still in its nascent stages, with no way to shake-up the major existing players. Kelly added:

“I think there has to be some market for it to become somewhat like a fiat currency in order for us to be comfortable.”

Kelly’s views paint the picture that Visa is mulling over entering the cryptocurrency space, but the sheer number of regulatory clasps and discussions is one of the main reasons why they haven’t proceeded with the plan.

The company official also touched upon how the price movement, which has been moving sideways for quite some time now, has also been an off-putting factor for Visa and other institutional investors. He further added:

“We want to be in the middle 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.”

Visa’s indecision to jump on the cryptocurrency bandwagon does not seem to be shared by other parties in the space with Circe and Coinbase, two giants in the cryptosphere, recently announcing a joint venture to promote the stablecoin, USDC Stablecoin. This news was followed by Coinbase Pro also launching the USDC on their platform.

Coinbase Pro had tweeted on their official Twitter handle:

“USDC is launching on Coinbase Pro. Customers can deposit USD and click to convert to USDC with no fee. Customers can also transfer USDC into and out of their Coinbase Pro accounts but cannot yet place or fill orders.”

They also said:

“After a minimum of 12 hours, once sufficient liquidity is established, trading will begin on the BTC/USDC and ETH/USDC order books.

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