Visa Ventures into Digital Assets and Blockchain Technology
- A multinational payment company, Visa, is exploring the potential of digital assets and blockchain technology.
- The head of Visa’s cryptocurrency division, Cuy Sheffield, shared the company’s recent initiatives at the StarkWare Sessions 2023. The company’s goal is to provide its users with the ability to convert virtual assets into fiat currencies.
- Visa focuses on a worldwide settlement with digital assets and fiat currencies and wants to establish a similar process to convert between dollars and euros in international financial transactions.
- However, settlements are still processed through the SWIFT system, which has limited Visa’s ability to transfer money. The company has been conducting tests to accept settlement payments using stablecoins on the Ethereum blockchain to overcome this.
- The former CEO of Visa, Al Kelly, also spoke about the company’s plans for private stablecoins and CBDCs and, saying that they can play a significant role in the payment industry and efforts are underway to bring this vision to life.