Wednesday, December 8

Cryptocurrencies are becoming a culture, says Visa executive

Cuy Sheffield, head of Visa’s cryptocurrency department, affirmed that the NFT industry caused a revolution in the world. Today, non-fungible tokens are responsible for welcoming people interested in areas other than finance.

Currently, we can see use cases of cryptocurrencies and tokens in various sectors of the industry, mainly related to art, but gradually arriving in non-digital environments, as in the case of sports.

The event, held in Singapore, features large companies such as Ant Group, maker of ASICs, Mastercard, cryptocurrency exchanges, Microsoft, PayPal, Accenture and others. Being a great place to exchange experiences between different sectors.

crypt is culture

Head of Visa’s cryptocurrency department, Cuy Sheffield, spoke about the matter during the Singapore Fintech Festival that is taking place throughout this week.

According to Sheffield, cryptocurrencies have undergone a major and important transformation. Through NFTs — non-fungible tokens, which allow possession of a unique digital item — several different tribes are entering this world.

“Crypto is becoming cultural, it’s becoming something cool. In the past, if you invested in cryptos, you were kind of weird.”

Today we can see NFTs from different areas, fan tokens play a fundamental role in modifying the structure of sports clubs, for example. The same can be seen in other areas such as gaming with the growing popularization of P2E (Play-to-Earn) where players can earn money by playing. Just like other sectors like music are also gaining traction.

Sheffield also stated that cryptocurrency wallets are changing, introducing more and more new functions. Much of this is due to the sector’s open development environment, where everyone can create and participate, unlike fiat currencies, which are surrounded by bureaucracy and centralization.

Event brings together big names in the industry

The Singapore Fintech Festival, which runs from Monday (8) to Friday (12), brings together big names in the industry both as sponsors and speakers.

The environment is marked by diversification, while Vitalik Buterin, creator of Ethereum, is present, it is also possible to find the participation of players who are little by little discovering cryptocurrencies, as is the case of the CEO of Mastercard, Michael Miebach, and also Google’s VP of engineering, Dr Marian Croak.

This fusion of a more traditional business model with cryptocurrencies is yet another affirmation that it is necessary to understand them. While many use cases are new, they are taking up more and more space in people’s lives with each new cycle.

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