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Visa to Keep Contributing to Crypto Ecosystem, Visa's Head of Crypto Explains Why

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Mon, 12/20/2021 - 09:47
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Yuri Molchan
Visa's Cuy Sheffield has revealed why Visa intends to continue supporting crypto ecosystem
Visa to Keep Contributing to Crypto Ecosystem, Visa's Head of Crypto Explains Why
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In a recent interview with New Delhi TV (NDTV), Visa's head of crypto, Cuy Sheffield, stated that the global payments giant will continue to support the global ecosystem after they had launched the Global Crypto Advisory service earlier this month.

"Crypto is a cool asset": Visa's head of the product

Visa's Cuy Sheffield earlier called cryptocurrency a "cool" asset. He explained this to an NDTV reporter, saying that digital currencies now attract more financial companies than before. Around 40% of those who own crypto are willing to leave regular banks and start using those that offer products based on digital currencies.

Sheffield also pointed out that the crypto sphere has greatly expanded in the past few years—from mere investing and payments to discovering new pieces of music and art. He believes that when mobile apps dealing with crypto are firmly integrated into consumers' daily lives, they certainly have the potential to become "super apps."

Visa is closely tracking NFT sphere

According to Sheffield, Visa is closely tracking the NFT sphere at the moment, as it has become a fast-developing and growing trend with more and more users joining this frenzy.

He believes that small and medium businesses (SMBs) have the potential to benefit from non-fungible tokens as well as in ways that have not been used before. NFTs allow companies to produce and sell digital goods at low upfront costs, and these goods can be sent instantly to users' digital wallets.

Visa's head of crypto believes that, in the future, a user's crypto address and an email address will be of similar value and importance.

Besides, recently Visa has purchased $150,000 worth of NFTs. The company believes that non-fungible tokens will start playing a major role in the retail industry, social media, commerce and the sphere of entertainment.

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Number of Visa staff working with crypto surges to hundreds

Visa's scale of work in the crypto industry has accelerated drastically as of late. The amount of staff working on crypto one way or another has by now increased to several hundred from just a handful recently.

Besides, the number of partnerships the payments processing giant has inked with crypto companies has recently spiked to 60 by now.

Visa wants to start understanding crypto better, as well as better understanding its customers' attitude to this nascent but quickly maturing industry. Many Visa clients believe that crypto will be part of the future transformation of the monetary system.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.