Visa shows interest in crypto & NFT space, believes it can be a boon for SMBs
Visa the world’s leader in digital payments is currently buzzing within the crypto system for its undeterred support. This comes despite the ongoing regulatory chaos. Just recently, the institution formed a global crypto advisory practice to help financial institutions develop their cryptocurrency businesses. As demand for crypto products continues to grow, Visa and its executives have strengthened their positions in the crypto ecosystem.
A ‘cool’ asset
Visa’s head of crypto, Cuy Sheffield recently spoke at an interview with New Delhi TV (NDTV) to express his pro-crypto narrative. He described Crypto as a ‘cool’ asset. Crypto sits at the intersection of commerce and culture and it does so in a fascinating way. The executive further supported the diversification aspect when speaking for the digital assets. He opined:
“While crypto wallets were initially used primarily to store cryptocurrencies, people are now using them for things like discovering new music or art. Crypto wallets increasingly have the potential to become a super app, ingrained in consumers’ daily lives.”
Digital currencies now attract more financial companies than before. Meanwhile, according to new worldwide data, nearly 40% of crypto owners would switch primary banks to one that offers crypto products.
Add NFTs to the mix
Non-fungible tokens, or NFTs, have taken the cryptocurrency sector by storm in 2021. The growing interest in these digital collectibles resulted in record-breaking trading volumes. Sales exceed more than $1 million on a daily basis. Needless to say, the aforementioned institution seemed interested in having a piece of the pie as well.
According to Sheffield, Visa is closely tracking the NFT sphere at the moment. Needless to say, it has become a fast-developing and growing trend with more and more users joining this frenzy. “NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce,” he added.
“It could also fuel small and medium-sized businesses (SMBs) in powerful new ways. The rise of e-commerce has made it possible for SMBs to sell online and reach customers around the globe. NFTs allow small businesses to harness public blockchains for producing digital goods—which can be delivered instantly to a crypto wallet.”
He further predicted that crypto addresses will become as vital as the mailing address in the future. In fact, Visa acquired $150,000 worth of NFTs as it’ll play a major role in the retail industry, social media, commerce and the sphere of entertainment.
Overall, crypto partnerships and collaborations have hiked this year. The number of partnerships the payments processing giant has inked with crypto companies has recently spiked to now.
Well, certainly not anytime soon.
“Visa aims to provide our crypto advisory services to clients globally wherever there is interest, and currently, we offer services in markets where the regulations permit such transactions.”
Crypto regulations have suffered a major delay following the latest development in India.