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<h2 id="header-0">Last year, the crypto sector was shaken broadly by bankruptcies and fraud charges, but Visa CEO remains optimistic about the industry. In a recent stockholder meeting, the company’s CEO discussed the role of blockchain-based technologies in the payment space.</h2><p>During his address, Al Kelly discussed the company&#39;s <a href="https://www.coingabbar.com/en/crypto-currency-news/countries-leading-the-global-cbdc-race-what-does-the-future-hold" rel="noopener noreferrer nofollow">Central Bank Digital Currency</a> (CBDC) and private stablecoin plans. Kelly added that “we believe that stablecoins and CBDC have the potential to play a significant role in the payments space. Also, we have a number of initiatives in the works.”</p><p>The company&#39;s CEO noted that “we&#39;ve made limited investments in crypto funds and companies as we strive to invest in the payments ecosystem.” He added that the high-profile failures that rocked the cryptocurrency market in 2022 had no effect on Visa&#39;s balance sheet.</p><p>Visa is a multinational financial services firm headquartered in San Francisco. It enables electronic funds transfers all across the world. Currently, the company allows users to purchase cryptocurrencies and NFTs using Visa cards.</p><h3 id="visa-s-crypto-initiatives">Visa’s Crypto Initiatives</h3><p>In September 2021, Visa&#39;s research team began working on a blockchain integration project. The initiative was dubbed the Universal Payment Channel (UPC).</p><p>The project&#39;s goal was to create a &#34;network of networks&#34; for CBDCs and private stablecoins to transfer through different payment methods. However, Visa has not released an update on the UPC in almost a year.</p><p>More recently, on December 20, 2022, the payment giant announced a proposal to allow automated bills to be paid out of a user&#39;s Ethereum-powered wallet. Visa has also recently launched various &#34;zero fees&#34; cryptocurrency debit cards. The card was launched in partnership with Blockchain.com in October 2022.</p><h4>Visa Remains Unaffected by Crypto Collapses</h4><p>The meltdown of the <a href="https://www.coingabbar.com/en/crypto-blogs-details/why-terra-luna-and-ust-crash" rel="noopener noreferrer nofollow">Terra luna ecosystem</a> &amp; crypto exchange FTX significantly tumbled the crypto industry last year. However, Visa was able to safeguard itself and escaped significant losses. Kelly elaborated on the same, saying,</p><p>“With a series of high-profile failures in the last year, the crypto industry has undoubtedly been in the news. We have suffered no credit losses as a result of these failures.”</p><p>Meanwhile, recent reports reveal that Visa&#39;s current CEO will be stepping down soon. As per reports, the new CEO, Ryan McInerney, will take over on Feb. 1, while Kelly will stay as executive chairman.</p><p><strong>What do you think about the Visa CEO&#39;s opinions on emerging technologies like stablecoins and CBDCs? Do you believe Visa&#39;s new CEO will be equally bullish about these technologies? Please share your valuable thoughts in the comment section below.</strong></p><p><strong>Also read: <a href="https://www.coingabbar.com/en/crypto-currency-news/polygon-adoption-news-break-resistance" rel="noopener noreferrer nofollow">Polygon Adoption News To Break Resistance?</a></strong></p>

Stablecoins & CBDCs can Play a Meaningful Role in the Payments Space, says Visa CEO

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