Visa refuses to become a dinosaur and will “actively contribute” to developing the web3 and crypto ecosystem.
Aside from maximalists, few experts believe that crypto poses an existential threat to fiat currencies. Legacy payment processors like Visa and Mastercard have increasingly been joining the web2-era disruptors like PayPal and Square in supporting the web3 and crypto ecosystem.
Greater public adoption of “crypto” will likely come through CBDCs (Central Bank Digital Currencies) that are more familiar to the average person while offering the benefits of digital ledger technologies including faster transactions, lower fees, and improved traceability.
Earlier this year, China’s CBDC project exceeded 360 million transactions with a total value of 100 billion yuan (£12.4bn). The Bank for International Settlements also declared its CBDC pilot a success.