Cryptocurrency Statement from Visa: These are the Industry of the Future!

The CEO of payments firm Visa believes blockchain-powered solutions will be accelerated to power the next generation of payments. Al Kelly, who will officially retire on Feb. Visa held a discussion on the company’s intentions for private stablecoins and Central Bank Digital Currencies (CBDCs) during his company’s annual shareholders meeting on January 24.

Visa Takes Major Steps In The Crypto Industry

According to a January 24 article in the San Francisco Business Times, Kelly believes stablecoins and CBDCs have an important role to play in the payments space, although they are still at an early stage. He states that Visa is working on various projects for this purpose.

Nothing has changed since Visa started working on a blockchain interoperability project in September 2021 to facilitate the adoption of CBDC and stablecoin.

As we want to invest in the payment ecosystem, cryptocurrency We have made negligible investments in its funds and businesses.

Kelly also confirmed that the crashes that rocked the cryptocurrency industry in 2022 did not affect Visa’s balance sheet. According to the CEO, no credit losses occurred as a result of these failures. As we reported, Kelly affirms that the integrity of Visa’s payment system, the entire payment system, and of course the reputation of their brand serves as a symbol of trust as they strive to maintain integrity in everything they do.

Crypto Projects Are Spreading

Visa has been working on various cryptocurrency-themed projects for a long time. Launched in September 2021, the Universal Payment Channel (UPC) concept was created to create a “network of networks” that would allow CBDCs and private stablecoins to be transferred from different payment channels. However, Visa has yet to share an update on the UPC for over a year.

On December 20, 2022, the largest company in the payments industry announced that it was developing a plan to allow automated invoices to be paid through a user’s Ethereum-powered wallet. In addition, Visa has recently launched several “zero-cost” cryptocurrency debit cards, including another one that is still active with on October 26, 2022 and has ceased cooperation with FTX.

Source : Blockchainreporter

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