Visa Inc.’s (NYSE:V) fintech and crypto heads have revealed that cryptocurrencies and blockchain tech will be vital in its future growth plans. Terry Angelos, the SVP global fintech head at the company and senior crypto head Cuy Sheffield in a recent interview with Forbes, made these revelations.
Visa shares innovative approaches to incorporate crypto and blockchain into their operations
Angelos, who is guiding Visa’s cryptocurrency strategy, said that they want to become a network of networks, and to get there, the company is planning to interoperate with the blockchain network. They further explained how Visa approaches next-gen digital assets like stable coins and anticipated assets that central banks will issue.
According to Angelos considering blockchain is decentralized, at the company various groups have been developing products based on blockchain or engaging clients involved in the cryptocurrency industry. So far, Visa has on-boarded around 25 crypto companies globally, but each company’s engagement is following a different path.
For instance, the collaboration with Coinbase is considered a strategic fintech partnership while other firms are involved in its Fast Track Program. Angelos further stated that the company is playing a vital role in having a regulated cryptocurrency sector, and as a result it vetted partners helping cryptocurrency companies in setting up KYC/AML programs.
Visa upbeat about central bank-issued digital coins
Cuy indicated that Visa Research had carried significant work in terms of patents revolving around blockchain tech. He explained that Visa Research is currently exploring privacy, scalability of blockchain, and second-level payment avenues. Cuy, who works closely with the partnerships team, said that they are working with several crypto exchanges and wallets to help them access Visa’s network of more than 60 million merchants.
Visa has been advancing work in digital currencies in the past two years, and they are excited with central bank digital currencies. Cuy said CBDCs present a huge opportunity for the company as the central banks will leverage the infrastructure f the company to make the digital assets available to customers.