In recent months, the payment services juggernaut Visa has increased its initiatives related to cryptos. This activity reveals that the company is banking on cryptos. But it speaks volumes about the company’s ambitions for these assets and the technology behind them.
In short
- Visa is stepping up its crypto initiatives after its recent collaboration with Solana.
- Cuy Sheffield, head of blockchain at Visa, predicts the technology will dominate the company’s operations by the end of the decade.
- Despite widespread skepticism, Visa compares blockchain’s potential to the meteoric rise of the Internet and is banking on its widespread adoption.
A new plan to better exploit the potential of technology
Recently, Visa extended its crypto stablecoin settlement possibilities to the Solana blockchain. Yet another initiative demonstrating the financial firm’s enthusiasm for this rapidly expanding technology.
In a blog postCuy Sheffield rightly expressed himself on Visa’s interest in blockchain. The intervention of this executive, responsible for Visa’s blockchain, highlights the way in which the company is banking on this technology.
While it is already exploiting the potential of blockchain enormously, Visa should not stop there. At least by the end of the decade, this technology is expected to play a leading role in its operations.
The manager sees the company’s payment network transcending the limits of traditional currencies and bank settlement systems. This, by adopting a multidimensional approach integrating various blockchain networks, but not only that.
The company’s blockchain development plan is expected to take into account central bank digital currencies (CBDCs). A policy that already incorporates stablecoins and does not exclude tokenized deposits.
Visa predicts the future through blockchain
It is clear that for Visa, blockchain is the way to maintain a certain operational relevance. The ambition to make this technology the spearhead of its growth reflects its faith in the adoption of the latter. This, despite the ambient skepticism.
On this question, Cuy Sheffield draws an interesting parallel between the emergence of blockchain and the explosion of the Internet. Many did not initially believe that the Internet would become an integral part of our daily lives… Until reality caught up with them. What has been is what will be.
“We see significant potential for blockchain networks. Today’s blockchains share some parallels with the early internet, especially more than their fair share of skeptics, hecklers, and critics,” the official said.
For Cuy Sheffield, blockchain technology is just maturing. A process which should be completed over the next decade. Eventually, its effectiveness, ease of use and associated costs will be obvious to all. Which is no less a good thing for the widespread adoption of blockchain.
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