Visa, one of the largest global payment companies, has announced its plans to develop a new crypto product. It focuses on stablecoin payments and drives the mainstream adoption of public blockchain networks. The head of crypto at Visa, Cuy Sheffield, made the announcement on Twitter on April 24th. It also, indicates that the new initiative is aimed at facilitating the digital commerce of everyday life. To develop the product, Visa is looking to hire software engineers who have experience in programming, backend systems, and Web3 technologies. As well as familiarity with Solidity, a programming language used to create smart contracts on blockchain platforms.
Visa’s Plan to Develop a New Crypto Product
The job posting on Visa’s website also listed a good understanding of layer 1 and layer 2 solutions, public. It is permission distributed ledger networks, security protocols, and private key custody. New Ethereum enhancements such as ERC-4337 as preferred qualifications for applicants. Visa’s move into the crypto industry started in 2020 when it partnered with Circle, a blockchain firm, to support the USD Coin stablecoin on certain credit cards.
Since then, the company has been gradually expanding its crypto offering. However, it had to halt some new industry partnerships due to the crypto bear market of 2022. Major industry collapses like Celsius and FTX. The new crypto product by Visa is designed to drive mainstream adoption of stablecoin payments. Which could potentially increase the use of stablecoins. Further, solidify their role as a bridge between traditional finance and the digital economy.
Stablecoins are a type of cryptocurrency that is designed to maintain a stable value. Usually pegged to a fiat currency like the US dollar or the euro. This stability makes them a useful tool for payments and other financial transactions. Visa’s interest in stablecoin payments is not surprising. As the company has been exploring the potential of blockchain and crypto for some time now.
With the rise of blockchain technology and the growing interest in digital currencies, it is clear that Visa, like many other companies, recognizes the need to adapt to this changing landscape to remain relevant and competitive. As such, it is likely that we will see more traditional financial institutions and payment companies embrace crypto and blockchain in the coming years, paving the way for greater mainstream adoption.