Visa is working on a Central bank digital currency and stablecoin initiatives
Visa CEO Alfred Kelly express that the company is working on some central bank digital currency (CBDC) and stablecoins San Francisco business time reported.
According to Alfred Kelly the company believes that stablecoins and CBDCs could play a meaningful role in the payment space.
Alfred kelly said that the company had no credit losses to the recent crypto contagion as it had an immaterial investment in crypto companies.
Visa is also working on many initiatives to develop its CBDC and stablecoin infrastructure.
Visa disclosed that it has partnered with over 70 crypto platforms to allow its customers to spend their cryptocurrencies across 80 million merchants globally.
Visa right now allow users to purchase cryptocurrencies and NFTs using Visa cards also it allows users to convert their cryptocurrencies and stablecoins into fiat currency.
Visa initiated a proposal that could allow Ethereum users to set up automatic payments from their self-custodial wallets.