The head of cryptocurrency projects of the Visa payment system said that the company will continue to work with cryptoassets, calling them a “technological phenomenon”, and also spoke about the development of NFT.
In an interview with the Indian edition of NDTV Kai Sheffield (Cuy Sheffield)
told Visa’s intentions to continue to leverage the power of digital assets. The company this month launched the Visa Global Crypto Advisory program, which will provide advisory services to financial institutions, retailers and other firms on cryptocurrency-related issues.
Sheffield said that the number of specialists at Visa working with digital currencies is already in the hundreds, and over the past 18 months, Visa has doubled the number of partnerships with cryptocurrency platforms to 60. According to Sheffield, the bank card operator’s clients previously viewed digital assets with skepticism. however, in recent years, they have begun to realize that cryptocurrencies can positively impact the development of their business.
“Cryptocurrencies are not just a technological phenomenon or an asset class. Cryptocurrencies intersect with commerce and culture in a fun way. Initially, cryptocurrency wallets were used to store cryptocurrencies, and now people use them to create new music or art. They are increasingly being incorporated into the daily lives of consumers, ”says Sheffield.
He called collectible tokens another exciting element of the cryptocurrency world that Visa is closely watching. NFTs can lower the threshold for entry into the cryptocurrency industry for creative people by providing them with additional ways to earn money. Non-fungible tokens will play an important role in the development of retail, social media and entertainment, Sheffield is sure. There is already significant interest from sellers, brands and platforms looking to become part of the NFT ecosystem, he added.
According to him, it is necessary to understand the requirements for acquiring and storing NFTs before firms start bringing products to the market that support unique tokens. Sheffield mentioned the purchase of NFT CryptoPunks that Visa made in August. This allowed the company to better understand how to interact with the NFT ecosystem, and can now help its partners in this.
“NFTs can provide a powerful energy boost for small and medium enterprises. With the rise of e-commerce, they can sell online and connect with customers around the world. But they still have to produce and ship physical goods, which implies high costs. Small and medium businesses can now use open blockchains to produce digital goods that are instantly delivered to users. It is already easy to imagine a future in which cryptocurrency addresses are used on a par with postal ones, ”said the head of the cryptocurrency division of Visa.
Sheffield said last year that government stablecoins could become one of the biggest trends in payments and finance in the next ten years.
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