• Visa CEO Al Kelly expressed optimism towards the cryptocurrency sector despite recent market volatility.
• The company is testing accepting settlement payments with stablecoins and paying out in USDC on Ethereum.
• Visa has suffered no credit losses, and investments made in cryptocurrency companies or funds have been “immaterial”.
Visa Optimistic of Crypto Sector Despite Downturn
Visa CEO Al Kelly stated that the company is still dedicated to cryptocurrency usage despite the market’s recent volatility. At the StarkWare Sessions 2023, Visa’s head of crypto business Cuy Sheffield said that they are aiming to create a “muscle memory” to settlements by enabling clients to convert digital assets to fiat currency on their platform.
Testing Settlements With Stablecoin
Visa is currently testing how to accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum for large value settlement payments. Most settlements still occur through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, but blockchain technology and cryptocurrency remain promising options for future transactions.
Positive Outlook From Management
Sheffield validated management’s optimism toward blockchain technology and cryptocurrency while Kelly indicated that stablecoins remain a promise even during this downturn period. When asked at an annual shareholder meeting, Kelly mentioned that any investments made in cryptocurrency companies or funds were “immaterial.”
Visa Dedicated To Cryptocurrency Usage
Kelly has said that despite the current downturn in the cryptocurrency sector, the firm has suffered no credit losses and remains dedicated to its use of cryptocurrencies. Visa aims to create a secure environment where clients can easily convert digital assets into fiat currency using their platform as a medium of exchange.
Despite recent market volatility, Visa remains dedicated to its use of cryptocurrencies and is testing various methods for accepting payment settlements with stablecoins on their platform. Management remains optimistic about blockchain technology and stablecoins as viable solutions for future transactions, while any investments made in cryptocurrency companies or funds have been deemed “immaterial” by CEO Al Kelly at an annual shareholder meeting.