A former enemy turned ally? – Even if VISA took a dim view of the competition from Bitcoin (BTC) and cryptocurrencies, a few years ago, this has not been the case at all since 2020. The giant of payments by bank card would have even rather become an expert in crypto advice. And the latest statements from the crypto-asset manager of VISA are totally in this direction.
Visa seduced by the incredible potential of Bitcoin and cryptos
Not only VISA is no longer hostile to cryptocurrencies, but now even contributes to their adoption / understanding. The payment company even has an advisory service called “Global Crypto Advisory” to help its customers and partners enter the cryptosphere.
NDTV media recently interviewed the head of the Cryptocurrency team at VISA, Cuy Sheffield. And the least we can say is that he is very optimistic for the future of the sector:
“While crypto wallets were initially used to simply store their crypto-assets, people now use them for things, like discovering new genres of music or new forms of art. Crypto wallets have more and more the potential to become a kind of “super app”, anchored in the daily life of consumers. (…) Cryptocurrencies are not just a technological phenomenon or an asset class. It is also a deeply cultural phenomenon. Many people believe that there is huge potential, and that crypto will be part of the future of money. “
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VISA: a particular affinity with NFTs
Since VISA bought its first CryptoPunks, we know that the bank card giant is a fan of non-fungible tokens (NFT). But it seems that the company has an ambition to offer services in this area, to its business customers:
“NFTs are another exciting aspect of the crypto ecosystem that we are following closely at VISA. NFTs have the potential to become a powerful accelerator for the creator economy, and lower the barrier to entry for individual creators so that they can make a living from digital commerce. NFTs could also feed small and medium-sized enterprises (SMEs) in an unprecedented way. (…) NFTs allow small businesses to exploit public blockchains to produce digital goods, which can be instantly delivered to a crypto wallet (…) ”
Cuy Sheffield
And VISA is putting the means there, because the framework also explains that the number of employees working for the company in the field of cryptoassets has literally tenfold. There would indeed now be ” hundreds “ of people at VISA who would consider the revolutionary potential brought by Bitcoin and its altcoins.
We also learn that there have been many reconciliations between VISA and crypto-companies, since over the past 18 months, nearly 60 partnerships have been concluded.
It must be said that VISA and its competitor Mastercard have fully understood that cryptocurrencies will weigh heavily in the digital balance of payments of tomorrow. In fact, particularly regarding Bitcoin, this is already the case, since the volume of value processed by the BTC network has already exceeded that of PayPal.
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