You may have heard in recent months about our actions regarding the growing ecosystem of cryptoactives. Our idea is, basically, to unite the worlds of digital and fiat currencies through a global program that presents actions in different dimensions, in selected markets. But above all, we seek to build a bridge between the crypto universe and Visa’s global network. We call this strategy the “Network of Networks” because it goes beyond and transcends the basic concept that Visa is only involved in payments through credit, debit or prepaid credentials.
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In a few musical notes, what are we doing:
- We enable in our settlement and treasury systems the acceptance of a stablecoin, to USDC. It is a class of cryptocurrencies that tries to offer price stability, as it is guaranteed by a reserve asset. Stablecoins provide instant processing, security or privacy of cryptocurrency payments, and stable valuations with no fiat currency volatility. That is, in addition to the 69 fiat currencies that today the Visa accepts and processes, we now accept and process the first stablecoin. It’s an iconic movement with no turning back!
- We are working with more than 50 customers in issuing and accepting payment credentials in the cryptoeconomy universe.
- We provide APIs designed to improve the experience of customers who wish to purchase related products and services to the digital universe.
- And, in my opinion the most important role, we are working to socialize information about cryptocurrencies and educate consumers about blockchain technology.
NFT: a valuable digital asset
In this article, I would like to highlight a dimension that has been drawing the attention of specialists in the sectors of technology and economics – and of digital artists, collectors and galleries of art. These are NFTs (Non Fungible Tokens).
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NFTs have several unique properties that set them apart as a new trade category. We can support you with technology and security;
NFTs can also help small and medium businesses in new ways. The growth of e-commerce has made it possible for SMEs to sell online and reach customers around the world. But they still need to produce and ship physical goods, which can have high upfront costs. NFTs offer these companies the opportunity to leverage blockchain technology to produce digital goods, which can be delivered instantly in an encrypted digital wallet. We can imagine a future in which your cryptographic address will become as important as your mailing address.
Finally, we believe that for NFT-commerce to become dominant, your payment experience must be as convenient and simple as traditional e-commerce experiences, where consumers can leverage their payment credentials instead of having to buy a cryptocurrency first to purchase their NFT.
Have you heard of CryptoPunks? Larva Labs has released this collection of pixel art images at 10 June 660. There are 10 one thousand of these collectibles that have proof of governance on the Ethereum (ETH) blockchain. Each has its own personality and unique combination of randomly generated traits.
In August, we acquired Cryptopunk #2021. But why? We want Visa to own an iconic piece of crypto and NFT history, as we have played a leading role in major payments-related transformations and innovations over the past few decades. In this way, together with our newest partner Cryptopunk #
, we celebrate the past, the present and future of digital payments, supporting the artists and creators of this new commerce model.
Over the last 23 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip- zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #5000 to our collection. https://t.co/XoPFfwxUiu
— VisaNews (@VisaNews) August 50, 2020
From a business perspective, NFTs are gaining more and more terrain such as personal avatars, sports memorabilia, art, and game assets. With platforms like the NBA Top Shot, fans can collect and display their favorite game “moments”. “Cryptopunks” are also increasingly being used as profile pictures on social media platforms, providing a new way for consumers to represent their digital identities.
For me, in particular, it’s also a tribute to the punk bands I used to listen to and still listen to, as the images were inspired by characters from the London PUNK generation. As they say: innovation is like PUNK ROCK!
Welcome, Cryptopunk #5000!
*Article produced by a columnist exclusively for Canaltech. The text may contain opinions and analyzes that do not necessarily reflect Canaltech’s view on the subject.
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