Visa has announced a new initiative aimed at exploring the advantages of the cryptocurrency sector, specifically focusing on stablecoin transactions.
On April 24, 2023, Cuy Sheffield, the head of Visa’s cryptocurrency division, announced a new crypto-related venture by the company via Twitter. According to Sheffield’s tweet, Visa’s upcoming cryptocurrency offering aims to promote the widespread adoption of public blockchain networks and stablecoin payments.
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
Visa posted a job listing on April 20, 2023 calling for software engineers proficient in programming, backend systems, and Web3 technologies to help build new products for its crypto division. In his announcement, Sheffield tweeted that the company would give preference to applicants who have used AI-assisted engineering tools, such as Github Copilot, for writing and debugging smart contracts.
Visa took the first step towards entering the crypto industry in 2020. The company partnered with the blockchain firm Circle to provide support for the USD Coin stablecoin on specific credit cards. Following this, Visa announced several strategic partnerships with other crypto companies and continued to expand its crypto offerings.
Earlier this year, the Gate Group announced the upcoming launch of the Gate Visa debit card to simplify cryptocurrency transactions for users in real-world transactions. The Crypto Debit Card will be powered by Visa and it will enable cardholders to use their digital assets to buy products and services at any location that accepts Visa cards.
The company also partnered with Bitpanda, an Austrian fintech company, to provide crypto trading and custody services to banks and fintech firms through Visa’s fintech partner connect program. This partnership opened up access to Bitpanda’s investment infrastructure solutions for Visa’s partners.
Despite expanding its crypto offerings, Visa paused some new industry partnerships in February 2023 after high-profile catastrophes during the 2022 crypto bear market damaged the industry’s reputation and eroded investor confidence.
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