Apr 26, 2023

Visa Boosts Stablecoin Payments with Ambitious Crypto Product Roadmap

Global payment giant Visa is continuing to explore the opportunities of the web3 space with a new initiative focused on stablecoin payments. Cuy Sheffield, the head of crypto at Visa, recently announced the launch of the project on Twitter.

The upcoming crypto product is designed to drive mainstream adoption of public blockchain networks and stablecoin payments, Sheffield said. To develop the product, Visa is currently looking to hire software engineers with experience in programming, backend systems, and Web3 technologies.

The job posting for the position lists a good understanding of layer 1 and layer 2 solutions, experience with writing smart contracts using the programming language Solidity, knowledge of public and permissioned distributed ledger networks, security protocols, and private key custody. The listing also mentions the Ethereum enhancements such as ERC-4337, which are a must-have for applicants.

Visa made a major move into the crypto industry in 2020, partnering with the blockchain firm Circle to support the USD Coin (USDC) stablecoin on certain credit cards. The company has since been gradually expanding its crypto offering. However, the crypto bear market of 2022 and major industry collapses like Celsius and FTX have caused Visa to pause some of its new industry partnerships.

As Visa’s crypto product roadmap continues to develop, the firm is looking to capitalize on the growing trend of NFTs and the associated marketing and promotion opportunities. The company is looking to hire a team of experienced professionals to help them develop a comprehensive NFT marketing strategy, including Twitter NFT marketing, NFT promotion, and more.

Visa is making a big bet on the future of crypto and is positioning itself to be a major player in the web3 space. With its new initiative, the firm is looking to drive mainstream adoption of public blockchain networks and stablecoin payments. It remains to be seen how successful Visa will be in this endeavor, but the firm is certainly taking the necessary steps to make it happen.

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