• Visa CEO Al Kelly expressed the company’s dedication to cryptocurrency usage despite recent market downturn.
• Cuy Sheffield, head of Visa’s crypto business, discussed creating “muscle memory” for settling payments with stablecoins.
• At the annual shareholder meeting, Al Kelly stated that any investments in cryptocurrency firms or funds are “immaterial”.
Visa Optimistic of Crypto Sector Despite Recent Downturn
Visa CEO Al Kelly has expressed the company’s dedication to cryptocurrency usage despite recent market downturn. At Tuesday’s annual shareholder meeting, Kelly indicated that stablecoins remain promising and that any investments made in cryptocurrency companies or funds have been “immaterial”.
Creating ‘Muscle Memory’ For Settlements With Stablecoin
At the StarkWare Sessions 2023, Visa’s head of crypto business Cuy Sheffield discussed creating a “muscle memory” for settling payments with stablecoins. He said: “We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlement payments.” Most settlements still occur through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system as efforts are underway to integrate blockchain technology into Visa’s existing network.
Aims To Facilitate Secure And Standardized Transactions
The non-profit cooperative society SWIFT was created by European bankers to facilitate secure and standardized transaction correspondence between its members. Sheffield validated management’s optimism toward blockchain technology and cryptocurrency at the conference fireside discussion.
No Credit Losses Despite Market Volatility
Kelly has said that despite the current downturn in the cryptocurrency sector, the firm has suffered no credit losses and that any investments made in cryptocurrency companies or funds were “immaterial.” This further solidifies Visa’s commitment to developing innovative solutions for digital currency businesses looking for ways to settle their transactions securely within its platform.
Committed To Cryptocurrency Usage
Visa is confident about its plans involving cryptocurrencies as they remain dedicated to making it easier for digital currency companies to make secure digital settlements through their platform regardless of market volatility. The company is also optimistic about providing a convenient way for customers to convert their digital assets into fiat currencies on their platform as well as exploring new possibilities with blockchain technology and stablecoins going forward.