Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.
Sheffield described crypto as a “technological phenomenon” and said that many of Visa’s clients believe that it is “the future of money”
Visa Head of Crypto Cuy Sheffield has revealed that the payments company will continue to provide cryptocurrency services to users. Speaking in an interview with NDTV, on the launch of Visa’s Global Crypto Advisory, Sheffield discussed bitcoin, altcoins and NFTs. He went on to refer to crypto as a “technological phenomenon” and went on to reveal that many of Visa’s clients believe that there is a place for it in the future of finance.
Visa: Global Crypto Advisory and General Awareness among Clients
The Global Crypto Advisory Practice is a service targeted at public and private financial institutions hoping to attract or retain clients by providing crypto services. The service is also available to retailers seeking to invest in NFTs and other such digital assets. The Advisory was launched following research suggesting that almost 40% of crypto holders are likely to change their primary bank to one that offers crypto products and services.
Commenting on the effect that continued crypto adoption has had on the world’s largest payment processor, Sheffield revealed that Visa has more than doubled the number of partnerships with cryptocurrency platforms to over 60 in the past year and a half. He also noted a general change in Visa’s clients’ view of crypto from “skepticism” to “awareness” and finally “understanding” the possible effect of crypto on their businesses. A global study into Visa clients and their views on crypto revealed near-universal awareness and that almost a third have used crypto either as an investment or as a payment form.
As to what specific regions Visa was planning on launching its crypto consulting services, Sheffield offered that Visa is willing to provide its services wherever regulations were favourable.
The Role of NFTs in the Future of Retail and Commerce
When asked about Visa’s $150,000 CryptoPunk NFT purchase, and what role non-fungible tokens will play, Sheffield commented:
“We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce. We see a significant interest from merchants, brands, and content platforms looking to participate in the NFT-commerce ecosystem.
But it’s necessary to understand what it takes to acquire, custody and interact with an NFT, from the infrastructure requirements to the actual transactions to the storage, before enterprises can really understand how to sell NFTs or bring to market NFT-enabled products.”
The exec believes that the purchase will help Visa gain a better understanding of the NFT ecosystem. This could serve to equip Visa to be better able to advise partners and clients hoping to get into the industry.