Visa is interested in the crypto and NFT space, believing it can be beneficial to small and medium-sized businesses.

 Visa is interested in the crypto and NFT space, believing it can be beneficial to small and medium-sized businesses.

Visa The world's leader in digital payments is currently causing a stir within the crypto community due to its unwavering support. Despite the ongoing regulatory chaos, this is a positive development. The institution recently established a global crypto advisory practise to assist financial institutions in developing their cryptocurrency businesses. Visa and its executives have strengthened their positions in the crypto ecosystem as demand for crypto products continues to rise.

A ‘cool’ asset

Cuy Sheffield, Visa's head of crypto, recently spoke with New Delhi TV (NDTV) to express his pro-crypto narrative. He referred to cryptocurrency as a 'cool' asset. Cryptocurrency sits at the crossroads of commerce and culture, and it does so in a fascinating way. When speaking about digital assets, the executive emphasised the importance of diversification even more. He stated:

“While crypto wallets were initially used primarily to store cryptocurrencies, people are now using them for things like discovering new music or art. Crypto wallets increasingly have the potential to become a super app, ingrained in consumers’ daily lives.”

Digital currencies now attract more financial companies than before. Meanwhile, according to new worldwide data, nearly 40% of crypto owners would switch primary banks to one that offers crypto products.

Add NFTs to the mix

Non-fungible tokens, or NFTs, have swept the cryptocurrency industry in 2021. The rising popularity of these digital collectibles has resulted in unprecedented trading volumes. On a daily basis, sales exceed $1 million. Needless to say, the aforementioned institution appeared to want a piece of the action as well.

Visa, according to Sheffield, is currently keeping a close eye on the NFT space. Needless to say, it has become a rapidly developing and expanding trend, with an increasing number of users joining the frenzy. “NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce,” he added.

It could also fuel small and medium-sized businesses (SMBs) in powerful new ways. The rise of e-commerce has made it possible for SMBs to sell online and reach customers around the globe. NFTs allow small businesses to harness public blockchains for producing digital goods—which can be delivered instantly to a crypto wallet.”

He also predicted that in the future, crypto addresses will be as important as mailing addresses. In fact, Visa purchased $150,000 in NFTs because it will play a significant role in the retail industry, social media, commerce, and the entertainment industry.

This year has seen an increase in crypto partnerships and collaborations. The number of collaborations between the payments processing behemoth and cryptocurrency companies has recently risen to a new high.

Mission India? 

Well, certainly not anytime soon.

“Visa aims to provide our crypto advisory services to clients globally wherever there is interest, and currently, we offer services in markets where the regulations permit such transactions.”

Crypto regulations have suffered a major delay following the latest development in India.

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