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Visa’s Head of Crypto Says Company Now Has Partnerships With 60 Crypto Platforms Worldwide

Visa
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Visa, the global digital payments services provider, has partnered with up to 60 major crypto platforms to launch card programs that make it easier for consumers to convert and spend digital currency at 80 million merchant locations worldwide. In an interview, Cuy Sheffield, Head of Cryptography at Visa emphasized that Visa has built up a fair amount of momentum in the crypto space and will continue to support the crypto ecosystem in more ways than offering card-based services.

According to Sheffield, the scale and scope of Visa’s crypto activity has grown exponentially. Visa currently has hundreds of individuals working in crypto in some form across many departments, compared to just a few years ago. In the past 18 months, he said, Visa has quadrupled the number of contracts with crypto platforms, bringing the total to 60. To date, notable names among these crypto companies include the likes of FTX, Blockfi, Crypto.com, Coinbase and Binance.

Global payments providers have also monitored customer attitudes about changing cryptocurrency over the past few years, from skepticism to awareness, to realizing that crypto will definitely affect their existing business.

Visa wanted to better understand how people think and feel about cryptocurrency, so they conducted a global survey of consumer opinions. The data revealed that the cipher is almost universally known. A large proportion of respondents (about a third) have used it, either as a financial instrument or as a medium of exchange.

according to SheffieldVisa also anticipates that non-fungible tokens, or NFTs, will play a key role in retail, social media, entertainment and commerce in the future. Merchants, brands and content platforms interested in participating in the NFT trading ecosystem have shown a lot of interest.

The purchase of CryptoPunk for $165,000 (~Rs 1.22 crore) in August 2021 helped the organization develop that basic knowledge. This is because of their intimate connection with the NFT environment. As a result, they are better equipped to help their partners understand the NFT ecosystem to start thinking about ways to participate in the expanding crypto economy.

Sheffield continues to claim that Visa’s ultimate goal is to connect the crypto ecosystem and the global network of 80 million commercial websites and more than 15,000 financial institutions.


Are you interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and anywhere you get your podcast.

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