The head of Visa’s encryption business revealed that the payment giant has cooperated with about 60 leading encryption platforms to “launch a card program that allows consumers to easily exchange and consume digital currencies at 80 million merchant locations around the world.” He emphasized Said: “We have built a lot of momentum in this field, and we will continue to support the crypto ecosystem in a variety of ways.”

Visa is committed to developing an encryption ecosystem

Cuy Sheffield, head of encryption at Visa, talked about the payment giant’s digital asset work in an NDTV interview released on Monday.

“At Visa, the scale and scope of our work in the encryption field has expanded dramatically,” he began. “The number of cross-functional personnel engaged in encryption in a certain capacity at Visa has now reached hundreds-and increased from a small number of employees. In the past 18 months, the number of our partners with the encryption platform has more than doubled- —Today it has reached 60.” Sheffield explained in detail:

We have cooperated with more than 60 leading encryption platforms, such as FTX, Blockfi, Crypto.com, Coinbase and Binance, to launch a card program that allows consumers to easily exchange and consume digital currencies at 80 million merchant locations around the world.

“Encryption-related cards allow consumers to easily convert and use digital currencies without the need for coffee shops, dry cleaners, or grocery stores to accept encryption directly at checkout,” he continued. “All conversions from cryptocurrency to fiat currency happen immediately behind the scenes. Whether in-store or online, it’s as simple as a standard Visa transaction.”

The executive was asked whether Visa plans to launch an encryption consulting service in India.company Announce Launched its encryption consulting service in early December.

“Visa aims to provide our encryption consulting services to interested customers around the world. Currently, we provide services in markets where regulations allow such transactions,” he replied.

The head of Visa’s cryptocurrency believes:

In the final analysis, we want to be a bridge between the crypto ecosystem and our global network of 80 million merchants and more than 15,000 financial institutions.

“We have built a lot of momentum in this area, and we will continue to support the crypto ecosystem in a variety of ways,” he concluded.

What do you think of Visa’s encryption work? Please let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.