Sunday, July 3

Visa predicts bitcoin and cryptocurrencies will change all businesses

Key facts:
  • Visa: Cryptocurrencies are not only used as an exchange or investment, they are a cultural movement.

  • The Visa payments network made 60 partnerships with cryptocurrency companies in the last year and a half.

An internal Visa representative released more details about the actions the company is taking in relation to bitcoin and the cryptocurrency ecosystem.

In a interview child NDTV, Cuy Sheffield, as a Visa spokesperson, stated that cryptocurrencies will likely change all businesses. That is why they want to help their corporate clients understand and adopt these assets to update themselves in the digital age that we live in and that is coming.

In recent years, we have seen our clients’ perspective on cryptocurrencies evolve, from skepticism to conscientiousness, to the understanding that cryptocurrencies will likely implicate their existing business in some way.

Cuy Sheffield, head of crypto at Visa.

A study carried out by Visa in Argentina and other parts of the world is what makes the company believe that the adoption of these assets will continue to rise globally.

Regarding the research, Cuy Sheffield said: “The findings showed an almost universal knowledge of cryptocurrencies and that a significant part of the respondents (almost a third) have already used them as an investment tool or as a medium of exchange.”

He also noted that digital currencies “are not simply a technological phenomenon or an asset class.” That is, they are not used only for the purpose of facilitating monetary transactions or as an investment. Going more beyond of that. Cryptocurrencies such as bitcoin include a cultural movement behind it, which will be part of the future of money, he said..

Visa stated that the volume of money in cryptocurrencies that its clients manage with Visa cards is very significant compared to a year and a half ago when it did not even exist. Source: LinkedIn.

In a short time, cryptocurrencies were noticed in the use of Visa cards

In the last year and a half, Visa has formed more than 60 partnerships with other companies so that their cards can be used to buy and operate cryptocurrencies such as bitcoin.. This was stated by the company’s spokesperson in the interview, who highlighted that this sector of the company has already moved more than 3.5 billion dollars.

Cuy Sheffield clarified that, although this figure represents a small part of the total money managed by the Visa payment network, it symbolizes something of great importance. “When you consider that these programs – Visa cards linked to cryptocurrencies – did not exist in a significant way a year ago, it is an indication that they are starting to gain traction,” he explained.

Due to this, as reported by CriptoNoticias, the company communicated this month that they will begin to advise their corporate clients on this matter. “At the end of the day, we want to serve as a bridge connecting the cryptocurrency ecosystem with our global network of 80 million business locations and more than 15,000 financial institutions.”

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