Visa is currently one of the world’s largest digital payment platforms. The firm is digging deep into the crypto space and below, and you can check out more details about the issue below.
Visa insights in the crypto team
In an interview with Blockworks, Visa’s head of CBDC and protocols, Catherine Gu discussed the company’s current exploration of blockchain protocols and consensus mechanisms.
The online publication notes the fact that she emphasized Visa’s keen interest in the area. She was saying that it aims to better comprehend blockchain’s underlying fundamentals and assess its potential role in shaping the future of payments.
It’s also important to mention the fact that Visa recently released a technical paper that showcased the way in which digital transactions could be transformed using account abstraction (AA).
The team at Visa is currently looking at ways to possibly abstract gas fees for users and enable users to pay transaction fees using ERC-20 tokens instead of the blockchain’s native cryptocurrency.
“The ultimate question is what is the main pain point? What is the main use case to really get blockchains to mainstream adoption,” Gu told Blockworks.
Gu explained the following as well:
“There was a lot that we didn’t fully appreciate, like just understanding the basic distinction between an [Externally Owned Account] versus a [Contract Account], what that implication means and how it feeds into the UI and UX,” Gu said.
We suggest that you check out the original article, in order to learn more details about this matter.
Back in March, we were revealing the fact that the head of Visa’s crypto department has just denied reports that the US payment giant is pausing its digital currency efforts.
Cuy Sheffield, Visa’s head of crypto, said recently via social media that the recent uncertainty in the crypto sector is not prompting the company to step away from digital currencies, as was reported earlier this week.
Sheffield calls the reports “inaccurate” and explains Visa’s current crypto efforts. Take a look at our prior article in order to see more details.
