Bitcoin News - Visa Chief executive officer Al Kelly mentioned that the organization continues to be focused on cryptocurrency usage.
- The potential of a shakeup within the executive team seemed to be alluded to.
In the StarkWare Sessions 2023, Visa’s mind of crypto business Cuy Sheffield stated the corporation aims to produce a “muscle memory” to settlements by enabling clients to transform digital assets to fiat currency on its platform.
Inside a fireside discussion throughout the conference, Sheffield stated:
“We’ve been testing how you can really accept settlement payments from issuers in USDC beginning on Ethereum and having to pay in USDC on Ethereum. So, they are large value settlement payments.”
Concentrating on Settlement Payments With Stablecoin
While attempts are going ahead to integrate blockchain technology in to the payment giant’s existing network. Most settlements still occur with the Society for Worldwide Interbank Financial Telecommunications (Quick) system. A non-profit cooperative society produced by European bankers to facilitate secure and standardized transaction correspondence between its people. Sheffield validated management’s optimism toward blockchain technology and cryptocurrency.
Sheffield further elaborated:
“We set throughout Quick, therefore we can’t move money as often as we’d like because there are a variety of limitations which exist in individuals systems. And thus, we’ve been experimenting, we openly announced. We’ve been testing how you can really accept settlement payments [with stablecoins].”
Visa Chief executive officer Al Kelly made the statement at Tuesday’s annual shareholder meeting. Saying the organization continues to be focused on cryptocurrency usage regardless of the market’s recent volatility. The potential of a shakeup within the executive team seemed to be alluded to.
Kelly has stated that regardless of the current downturn within the cryptocurrency sector, the firm has endured no credit losses which any investments produced in cryptocurrency companies or funds were “immaterial.” In response to a shareholder query presented with a Visa official in the meeting, Kelly established that stablecoins, a type of cryptocurrency frequently tethered to some fiat currency, remain promise.
