Visa CEO says the company will support cryptocurrencies despite the problems of the blockchain industry

The CEO of payment giant Visa is confident that more regulation is needed for the crypto space to regain user confidence after the FTX collapse.

In a new interview with CNBC’s Jim Cramer, Al Kelly said that he hopes the FTX’s fall will accelerate the emergence of government oversight of the cryptocurrency market. Kelly added that Visa, for its part, is laying the groundwork for offering services related to digital assets, as the company expects an increase in demand among business owners and consumers to use plastic cards for cryptocurrency transactions.

«I hope that this FTX disaster will benefit everyone: we will see an acceleration towards regulation and a move towards good, proper regulation of stablecoins. I think that’s what’s needed to restore people’s trust. Time will tell,» Kelly said.

«We're preparing for the fact that cryptocurrencies have the potential to play a [значну] role in payments and money flow. You know, we don’t pick winners or losers — ultimately we let the consumer and the experience decide. We just create entry and exit points for crypto players, integrate Visa cards with cryptocurrency wallets, can convert stablecoins to fiat currency, and make it possible to use your Visa card to make cryptocurrency purchases anywhere you need to. We are even working to ensure that at the end of the day we can pay a merchant who wants to receive revenue in stablecoin rather than fiat,» the Visa executive shared the details of the work.