Visa Head of Cryptocurrency Cuy Sheffield has revealed why Visa intends to continue supporting the crypto ecosystem.
In a recent interview with New Delhi TV (NDTV), Cuy Sheffield stated that the payments giant will continue to support the global ecosystem after it launched its Crypto Advisory service earlier this year. this month.
Visa's head of product: "Cryptocurrency is a great asset"
Cuy Sheffield previously called crypto a great asset class. He explained this to an NDTV reporter that digital currencies are now attracting more financial firms than before. About 40% of crypto holders are ready to leave conventional banks and start using those that offer digital currency based products.
Sheffield also pointed out that the cryptocurrency sector has expanded significantly over the past few years, from mere investments and payments to the discovery of new music and art works. He believes that as mobile applications dealing with cryptocurrencies are adopted into consumers' daily lives, they will certainly have the potential to become super apps.
Visa is closely monitoring the scope of the NFT
According to Sheffield, Visa is keeping a close eye on the NFT sector at the moment, as it has become a rapidly growing trend with more and more users joining the frenzy.
He believes that small and medium-sized businesses (SMBs) have the potential to benefit from NFTs as well in ways that have not been used before. NFT allows companies to produce and sell digital goods with low upfront costs, which can be sent instantly to users' digital wallets.
Sheffield thinks that in the future, a user's cryptocurrency address and email address will have the same value and importance.
In addition, Visa recently purchased $150,000 worth of NFTs. The company believes that NFT will begin to play an important role in the retail, social media, commerce and entertainment sectors.
The number of Visa employees working with cryptocurrencies is growing
The size of Visa's work in the crypto industry accelerated significantly later this year. The number of Visa employees working on crypto in one way or another has now grown to several hundred.
Besides, the number of partnerships the payment processing giant has with crypto companies has recently skyrocketed to 60 so far.
Visa wants to start to better understand crypto, as well as better understand customer attitudes towards this nascent but rapidly growing industry. Many Visa customers believe that cryptocurrencies will be part of the future transition of the monetary system.