In April, Visa’s head of crypto, Cuy Sheffield, sat down with Visa North America’s SVP of Financial Institutions, Caryn Kaiser, to discuss current crypto trends and the evolving roles of financial institutions may play in the crypto ecosystem. Listen to the interview here.
Cuy highlighted stablecoins—cryptocurrencies whose prices are derived from the value of another asset—as one of the key trends of 2022. The growth of stablecoins has meant new B2B use cases and exciting possibilities for the future of cross-border payments.
During the interview, Caryn asked Cuy for his take on a question that Visa often receives from clients and financial institutions: "How do you develop a crypto strategy?"
According to Cuy, the key is starting with education. By gaining a “foundation of knowledge” about crypto technologies and how they work, clients can make informed business decisions. In order to illustrate this point, Cuy drew a comparison to the rise of the internet. Cuy pointed out that prior to determining how their business would be affected by this technological revolution, companies needed to familiarize themselves with this new digital landscape.
It would be unreasonable, he said, to expect someone who has never used the internet to understand its business applications, let alone come up with innovative solutions. The same logic could be applied to crypto, Cuy explains, “if you’ve never gone and interacted with the blockchain.”
How are you developing a strategy for crypto? Do you have any hesitations about doing so?