Credit card provider Visa has more than 60 partnerships with encryption platforms, says the head of the encryption department in an interview. They also want to get into the NFT business.
Credit card giant Visa has done a lot to bolster its crypto-friendly reputation. The number of Kpyto platforms being worked with has increased to more than 60.
In an interview with NDTV, Visa’s head of crypto Cuy Sheffield gave insight into the payment service provider’s strategy. He said the company had doubled its crypto partners in the past 18 months to drive the size and scope of the project. Sheffield also mentioned that the number of Visa employees working in crypto in any form would now run into the hundreds. Previously there were only a handful.
According to Sheffield, NFTs will also play a role in Visa in the future.
NFTs are another interesting aspect of the crypto ecosystem that we closely follow at Visa. NFTs have the potential to become a powerful accelerator for the creative industries. They are the barrier to entry for individual creatives to earn a living through digital commerce.
$ 3.5 billion of crypto transactions on Visa
He sees crypto adaptation, mostly thanks to Visa itself, in the trailer. The company sees itself as a “bridge” connecting the crypto industry with its global network of 80 million merchants and 15,000 financial institutions. Sheffield claimed that Visa has already processed $ 3.5 billion worth of crypto transactions. That underscores how much the cryptocurrency business has grown throughout the year.
Cryptocurrencies are not just a technological phenomenon or an asset class. It is also a deeply cultural problem. Many consumers believe that a movement is taking place and that cryptocurrencies will be part of the future of money.
Sheffield continues. It remains to be seen whether Visa will further expand its efforts in the crypto space in 2022.