Visa, one of the world’s largest payment processing companies, has announced its plans to launch a new cryptocurrency product that will support stablecoin payments. The announcement was made on Twitter by Cuy Sheffield, head of crypto at Visa Inc.
We have an ambitious crypto product roadmap @Visa and just opened a few reqs for senior software engineers to help us drive mainstream adoption of public blockchain networks and stablecoin payments. https://t.co/UQRJNcOJtB
— Cuy Sheffield (@cuysheffield) April 24, 2023
By incorporating stablecoin payments into its network, Visa hopes to provide its clients with a faster, more secure, and cost-effective way to transact using cryptocurrencies. Likewise, the move is expected to further expand the adoption of cryptocurrencies as a legitimate form of payment as Visa previously had crypto payments with the help of crypto.com. Similarly, Visa intends to collaborate with leading stablecoin issuers and work with regulated crypto platforms to offer these services to its global network of clients.
In addition to the launch, Sheffield noted that the payment processor has requested senior experienced software engineers to assist in driving the mainstream adoption of public blockchain networks as well as stablecoin payments.
Hence, a vacancy for software engineers has been published by the American multinational financial services firm.
Visa Inc Continues its Crypto Exploration
As more companies like Visa embrace stablecoin payments, there will likely be a broader adoption of cryptocurrencies as a legitimate form of payment. This prospect could lead to increased regulatory oversight and transparency in the stablecoin market, which could mitigate some of the risks associated with these digital assets.
Despite the prevailing crypto winter, the former CEO of Visa Inc, Alfred F. Kelly Jr said the company can incorporate blockchain-powered solutions into its services and offerings to support the upcoming wave of payments. As such, Visa has outlined strategies for Central Bank Digital Currencies (CBDC) and private stablecoins.
Meanwhile, the company terminated its global payment agreements with the FTX exchange following its collapse as it explores building new alliances.
Recall that over 25 digital currency wallets have partnered with Visa to offer their services globally, granting users a simple method to utilize a Visa debit card or prepaid credential to make purchases from their digital currency balance wherever Visa is accepted.
Also, Visa has joined the trend of companies filing for trademarks. The company filed for a trademark application for crypto wallets, Non-Fungible Tokens (NFTs), and the Metaverse. This filing with the United States Patent and Trademark Office (USPTO) shows that the payment industry giant will be exploring the metaverse sooner than later.
