Visa began working on a blockchain interoperability design in Sept. 2021 to support CBDC and stablecoin handover but numerous updates have been made since.
The top supervisor of credit card mammoth Visa remains confident that blockchain- powered results can be integrated into its services and offerings to power the coming generation of payments.
Speaking on a call at Visa’s periodic stockholder meeting on Jan. 24, gregarious CEO Al Kelly who will officially step down onFeb. 1 — curtly shared the establishment’s plans for Central Bank Digital Currencies (CBDCs) and private stablecoins.
According to aJan. 24 report from San Francisco Business Times, Kelly said
“ It’s truly early days, but we continue to believe that stablecoins and Central Bank Digital Currencies have the eventuality to play a meaningful part in the payments space, and we have a number of enterprises underway. ”
“ We ’ve had an immaterial amount of investments in crypto finances and companies as we seek to invest in the payments ecosystem, ” the gregarious CEO explained.
Kelly also vindicated that Visa’s balance distance has n’t been impacted by some of the “ high- profile failures ” that rocked the cryptocurrency space in 2022
“ We ’ve had no credit losses related to these failures(.) In everything we do, please know that we ’re extremely concentrated on maintaining the integrity of Visa’s payment system and the payment system in totality and of course, the character of our brand standing for trust. ”
Over the times, Visa has worked on a number of crypto- related enterprise.
Its disquisition team began working on a blockchain interoperability design in September 2021, named the Universal Payment Channel( UPC) action, the design was designed to establish a “ network of networks ” for CBDCs and private stablecoins to pass through various payment channels.
Visa has n’t handed an update on the UPC in over 12 months, still.
further recently, the payment mammoth announced on Dec. 20, 2022, that it was chalking up a plan to allow automated bills to be paid out from a user’s Ethereum- powered carryall.
Visa has also rolled out several “ zero figure ” cryptocurrency disbenefit cards of late including a now- terminated agreement with FTX and a cooperationwithBlockchain.com on Oct. 26, 2022, which is still in effect.
While Visa’s 2022 periodic report only included data up until Sept. 30 — about five weeks before FTX collapsed — further information may be revealed in Visa’s Q1 2023 earnings call on Jan. 26.
Visa President Ryan McInerney will officially replace Al Kelly as CEO on Feb. 1, while Kelly will remain on board as executive chairman.
McInerney appears to be equally, if not farther bullish on blockchain- powered payment results too.
In an interview with Fortune in November 2022, McInerney said Visa still has “$ 14 trillion of cash out there being spent by consumers that can be digitized ” and that they ’re continuing to explore where crypto payments may be swish abused.
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