The crypto-verse is luring in several mainstream platforms into exploring the prospects of cryptocurrencies. After payments giant, PayPal expressed its interest in crypto, another popular financial service company, Visa seems to have jumped the bandwagon.
In a recent interview with Forbes, Cuy Sheffield, the senior director, head pf crypto at Visa along with Terry Angelos, SVP global head of fintech at Visa addressed several elements and elaborated on the incorporation of crypto in Visa. Sheffield pointed out that, Visa was working on both the product as well as the research side of digital currency. Despite, this the platform is reportedly yet to discuss new strategies.
Back in February 2020, San-Fransico’s prominent cryptocurrency exchange, Coinbase revealed its association with Visa by unveiling the Coinbase Card. This card is a Visa debit card that permitted users to withdraw their cryptocurrencies. The entire partnership put both the parties under the crypto spotlight as it was the first of its kind. Revealing that Visa had onboarded about 25 companies, Angelos added,
“We are seeing significant interest in demand from crypto companies that want to work with Visa and connect their clients to our network of 60-plus million merchants.”
Visa To Work On CBDC?
Central Bank Digital Currencies have drawn the attention of several governments across the world. China’s advancement in the same has turned several heads. Speaking about the integration of CBDCs into the economy, Sheffield pointed out that Visa’s relationship with central banks is not news. Visa has been working with several central banks across the globe and discussions about CBDCs has reportedly gained more traction. While several continue to diss stablecoins formulated by private companies, Sheffield believes that CBDCs would have to deal with similar prospects.
Stressing on the process of including CBDCs into the global economy, he added,
“[…]We think there’s a big opportunity for Visa to leverage our existing network and assets and expertise to add value to both central banks as they think about CBDCs, as well as to other private sector entities that are exploring these privately issued stable coins.”
Exiting The Libra Project
Facebook’s crypto venture, Libra had stirred the entire globe. As the regulatory pressure around the project surged, several members of the project walked out of the door. Shedding some light on the same, Sheffield put forth a conjecture that the payments platform was keen on aiding digital asset projects that the “diverse set of clients demand.” The focus was more on delivering a service that worked with a wide variety of digital currencies and networks, he added.
Furthermore, Angelos said,
“If we join a consortium, it’ll be because we want to influence and help some of those principles that we believe in be executed.”
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