Seeking Alpha
2022-01-28 20:14:33

Visa CEO Al Kelly: we will continue to lean into the crypto space

Visa (NYSE:V) Chairman and CEO Al Kelly says the company will "continue to lean into the crypto space," as crypto-linked payments gain interest, Kelly said at the Q1 earnings call. Visa credentials and cryptocurrency wallets had more than $2.5B in payments volume in the first quarter of 2022, which is already 70% of the payments volume for all of fiscal Q1, Kelly highlighted. Note that digital asset exchange Coinbase Global (NASDAQ:COIN), along with 65 other crypto platforms, have partnered to issue Visa credentials. More than 100 million vendors in the Visa network are also accepting Visa crypto payments, the company added. Recall that Visa's Q1 payments volume grew 20% Y/Y, with cross-border volume up 40% and processed transactions up 21%. Shares of V gap up about 9% intra-day. In the crypto world, bitcoin (BTC-USD +4.6%) extends gains to $37.2K and ethereum (ETH-USD +5.3%) jumps back to sub $2.5K. Earlier this week, Visa declared

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