Economy: VISA is full of praise for stablecoins and MNBCs

Wind of optimism – At Visa’s January 24 annual meeting of shareholders, the company’s CEO, Al Kelly, confirmed his company’s interest in stablecoins and Central Bank Digital Currencies (MNBC), which would have “ the potential to play a significant role in the payment space “. Al Kelly also pointed to the fact that Visa has ” a number of ongoing initiatives in these areas, while recalling that the company has invested in crypto funds and businesses.

Visa’s plans for MNBCs, stablecoins, and cryptocurrencies

To support these words of Al Kelly, Visa has a number of projects around central bank digital currencies, stablecoins, and cryptocurrencies in general. As of September 2021, the company’s research team had started working on a universal payment channel (UPC)).

This initiative aims to create an infrastructure that can allow users of central bank digital currencies and stablecoins to use these means of payment, through various channels. However, Visa has not heard from UPC for over a year.

In the field of cryptocurrencies in general, companies in the sector, like Blockchain.comare working with Visa to offer a payment cardin order to facilitate the use of cryptocurrencies for the payment of daily purchases.

visa cryptos paiements
Visa crypto cards make cryptocurrency payments easy

In addition to these partnerships, in December Visa revealed its plans for a feature that would allow to make automatic paymentsfrom a wallet Ethereum (ETH).

FTX bankruptcy and crypto winter: Visa finances spared?

During the annual meeting, Al Kelly also tried to reassure shareholders, stating that ” high profile failures that marked the crypto industry last year, did not not affected Visa’s balance sheet. However, the data in the report Visa’s 2022 annual ends September 30, more than a month before FTX’s collapse.

Shareholders and third-party observers may possibly have further information as to consequences of bankruptcy from the crypto exchange and its affiliates on Visa’s financial performance during the first quarter 2023 earnings conference call, scheduled for January 26.

Al Kelly will step down as CEO on 1er next February, to serve as Executive Chairman. He will be replaced by the president of Visa, Ryan McInerneywho had also shown his cryptocurrency craze, in a November interview with Fortune. According to the words of these two Visa executives, the payment giant intends to continue to play its role as a bridge between stablecoins and cryptocurrencies in general, and the different use cases of these innovations in the real economy.

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