22. Februar 2024

Visa Optimistic about Crypto Despite Recent Downturn: CEO

• Visa CEO Al Kelly has expressed optimism towards cryptocurrency usage.
• At the StarkWare Sessions 2023, Visa’s head of crypto business Cuy Sheffield said that the corporation aims to enable clients to convert digital assets to fiat currency on its platform.
• Visa CEO Al Kelly indicated that stablecoins remain a promising investment.

Visa Optimistic About Crypto Sector

Visa CEO Al Kelly has expressed optimism towards cryptocurrency usage despite the recent downturn in the sector. The company is still dedicated to exploring ways to integrate blockchain technology into their existing network and facilitate secure and standardized transaction correspondence between its members using Society for Worldwide Interbank Financial Telecommunications (SWIFT).

Testing Stablecoin Settlement Payments

At the StarkWare Sessions 2023, Visa’s Head of Crypto Business Cuy Sheffield shared his thoughts on settling payments with stablecoins such as USDC on Ethereum. He also mentioned their experimentations in accepting settlement payments from issuers in USDC and paying out in USDC on Ethereum for large value settlements.

Management’s Optimism Towards Blockchain Technology

Sheffield validated management’s optimism towards blockchain technology and cryptocurrency stating that they aim to create a muscle memory for settlements by enabling clients to convert digital assets to fiat currency on its platform. This would provide customers with more frequent payment options than what is currently available through SWIFT systems.

No Credit Losses Despite Downturn

At Tuesday’s annual shareholder meeting, Visa CEO Al Kelly stated that any investments made in cryptocurrency companies or funds were “immaterial” and the company had suffered no credit losses due to market volatility.

Promising Investment with Stablecoins

Kelly further indicated that stablecoins remain promise as an investment option despite current market conditions, giving shareholders hope for brighter days ahead for cryptocurrencies within the payment giant’s network.