The giant payment service provider Visa has been in the crypto waters for some time. This policy is largely thanks to Cuy Sheffield, the head of the company’s blockchain division. In a recent blog post, Sheffield emphasizes the optimism he and Visa have about the future of blockchain technology.
The early Internet had its fair share of skeptics. Today it is the turn of the blockchain. @cuysheffieldHead of Crypto explains Visa’s position #blockchain Networks and why financial institutions should take note: pic.twitter.com/P7ER78BJVT
— VisaNews (@VisaNews) September 6, 2023
The beginnings of crypto and blockchain
“We see great potential for blockchains. Today’s blockchains share many similarities with the early Internet.”
According to Sheffield, who expects that blockchain will be a large part of Visa’s business. Currently, Visa works primarily with fiat currencies and interbank payments. According to Sheffield, possible future activities include “multiple blockchain networks, stablecoins and CBDCs or.” tokenized deposits“.
He compares the current state of the crypto and blockchain world with the beginnings of the Internet. The market was also very skeptical at the time. In his opinion, there is still a lot to be gained in the next ten years. He also remembers how the “slow and unreliable” internet was perceived in its early days.
“It was not uncommon for opinion makers to portray the Internet as an emerging technology with no real future. These opinions completely miss the point.”
Sheffield sees similarities with the current situation in this area. Blockchain and crypto are also regularly the subject of skepticism and ridicule today.
Visa is pushing crypto
So Visa’s ambition is fine. The payment service recognizes the potential of blockchain and wants to become a major player in the crypto world. However, this is not just nice talk. Earlier this week, Visa announced a partnership with Solana (SOL).
Visa wants to use the Solana network more efficient and scalable payment solutions will offer to customers. The focus is mainly on payments with stablecoins. Sheffield made the announcement this week.