Global settlement with digital assets and fiat currencies is one of the areas that Visa is investing in.
Payment company Visa is seeking to build a"muscle memory" to settlements, aiming to allow customers to convert digital assets to fiat currencies on its platform, according to the company's head of crypto division Cuy Sheffield at the StarkWare Sessions 2023.
"We've been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlement payments.", noted Sheffield in a fireside chat at the event. Cointelegraph's team is on the ground in Tel-Aviv covering the two-day Ethereum community conference.
According to the executive, global settlement with digital assets and fiat currencies is one of the avenues that Visa is investing in. He specifically stated: "That's been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross border transaction, we should be able to convert between digital tokenized dollars and traditional dollars."
The payment giant has been exploring how to incorporate blockchain technology into its existing network to move money faster, but settlements still take place on the Society for Worldwide Interbank Financial Telecommunications, or SWIFT system, a not for profit cooperative society formed by European bankers with the purpose of facilitating secure and standardized transaction communication between its members.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
What is the global financial crisis and its impact on the global economyWhat led to the global financial crisis of 2007-2008? Uncover the causes & effects of the subprime mortgage market, housing bubble, & liquidity crisis on the global economy in our latest article.
Leer más »
Ex-Guatemalan police chief convicted of US visa fraudA former Guatemalan police chief has been found guilty of lying on his U.S. immigration papers about a prior conviction for killing two political activists in his country
Leer más »
Visa wait times are slowing the tourism industry’s recoveryOf all the countless industries and businesses that make up the U.S. economy, none has been hit harder over the past several years than travel and tourism. The consequences of the COVID-19 pandemic cannot be understated, and some of its lingering effects continue to ripple outward.
Leer más »
Global alarm system watches for methane superemittersMassive, short-lived methane leaks can now be detected automatically, from space, anywhere in the world—a first step toward plugging them and slowing ClimateChange.
Leer más »
Mexico plans to accelerate its push toward renewable energy as global energy costs riseMexico's Foreign Affairs Secretary Marcelo Ebrard announced that the country is pushing to accelerate the move to renewable energy as global energy costs rise.
Leer más »
Global Vivo X90 series launch hails the era of 1-inch phone camera sensorsWith exclusive vivo V2 image processor in tow.
Leer más »