Cuy Sheffield
@cuysheffield
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Head of Crypto @ Visa. Views are my own
San Francisco
Joined July 2011
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1/ We are excited to announce that Visa has expanded our stablecoin settlement capabilities to merchant acquirers launching pilots with
@Worldpay_Global
and
@Nuvei
utilizing the Solana blockchain
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1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼
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We have an ambitious crypto product roadmap
@Visa
and just opened a few reqs for senior software engineers to help us drive mainstream adoption of public blockchain networks and stablecoin payments.
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1/ I just published a new post on Why I'm Collecting Black Crypto Art
Thread below 👇🏽
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We've been closely following the growth of stablecoins for the past two years and I'm super excited for Visa to partner with
@circlepay
to help them connect USDC to our global network.
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Any talented PMs interested in the intersection of crypto and retail payments? We are hiring for a new team focused on building products for fintechs that support digital currencies
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This morning, a Black crypto artist sold $1.4M of a Black NFT avatar to a predominately Black collector base in 7 mins
A movement is beginning...
#cbee
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One of the biggest problems that NFTs solve today is how to make new friends on the internet
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9/ It's still early days, but Visa has already settled millions of dollars of USDC over the Ethereum and Solana blockchains between our clients. We are committed to continuing to innovate around how we move money and providing our clients modern options for settlement
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The next generation of community banks and credit unions will start as Discord groups
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Would love to chat with anyone building a wallet on
@solana
that supports USDC and see how we can help with on-ramps and off-ramps
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Amazing to see ETH addresses on Visa settlement reports as we integrate public blockchains into our core settlement infrastructure
A milestone
@visa
today as we announce the first transactions settled w/ USDC.
Visa already moves billions of $$ across 200 markets in 160 currencies; now we can do so in any currency form factor.
Here's a sample settlement file with our digital currency capabilities:
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We are excited to deepen our partnership with Coinbase and continue making it easier for consumers to spend their crypto at Visa's 55M merchants.
EXCLUSIVE: Visa grants Coinbase the power to issue bitcoin debit cards (to OTHER companies): via
@ForbesCrypto
@Forbes
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1/ After seeing this line chart created by
@nic__carter
showing stablecoin volume compared to established payment networks, we decided to partner with
@AlliumLabs
to create the Visa Onchain Analytics Dashboard as a public resource to take a closer look at stablecoin activity.
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Punk 7610 bought for 49.5 ETH ($149,939.46 USD) by 0xa04e64 from 0xf0d699.
#cryptopunks
#ethereum
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Excited to see Visa deploy our first paymaster smart contract on testnet as we continue to research and experiment with account abstraction and ERC-4337
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1/ I'm excited to share some updates on the Visa Crypto business unit and our areas of focus as we continue to grow the team and build the future of crypto and payments.
First, some amazing new hires!
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Thanks
@bdanweiss
for covering our expansion of stablecoin settlement. Excited for Visa to continue to lead on the intersection of stablecoins and the existing payments ecosystem
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4/ This is the time to build! Anyone building at the intersection of crypto and payments please reach out. We’d love to work with you!
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Visa believes NFTs will play an important role in the future of commerce and can help individual content creators and small and medium-sized businesses in new ways
Thanks
@Yogita_Khatri5
for covering!
Visa buys a CryptoPunk as it takes first steps into 'NFT commerce' (via
@Yogita_Khatri5
)
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1/ Visa has played a pivotal role in the major commerce transformations of the last century—from brick and mortar to e-commerce, from cash and check to cards and digital wallets.
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3/ Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed that fiat backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem
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Incredibly excited to partner with
@cryptocom
to help them expand their Visa card programs and accelerate crypto adoption in new markets.
“ is a really great success story indicating the demand that we're seeing from consumers to be able to access crypto.” -
@cuysheffield
Head of Crypto at Visa
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1/ I've been thinking a lot lately about how crypto could become a vehicle for Black economic empowerment. I've published my thoughts for discussion here
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Proud for
@Visa
to support the
@AkuDreams
community at Aku World today and demonstrate how Visa cards can become a canvas for NFT art
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Any crypto wallets interested in issuing Visa cards please apply to our Fintech Fast Track program here
We are excited to deepen our partnership with Coinbase and continue making it easier for consumers to spend their crypto at Visa's 55M merchants.
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Visa Crypto team policy is that it’s spelled “onchain” not “on-chain”
Visa is laying out the plan to pay gas with a credit card, using account abstraction, paymaster, USDC, and casually using "onchain" correctly (gotta be one word). Yet the thread has less than 100 views. Early.
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2/ We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way.
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Our nursery is now complete with a print of our first piece of long form generative art from the Anticyclone collection by
@williamapan
. It’s amazing to me how only a few lines of code can generate this imagery and I’m fascinated by the possibilities of “creative coding.”
One of…
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More context on the potential we see for onchain payments and the opportunities that we are exploring today
The early internet had its fair share of skeptics. Today, it’s blockchain's turn.
@cuysheffield
, Head of Crypto, explains Visa's POV on
#blockchain
networks and why financial institutions should take note:
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1/ I’ve been playing around with some on-chain data related to stablecoin adoption in retail payment use cases and found a few surprising insights. Thread below 👇
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1/ I’m incredibly excited for
@VisaNews
to partner with
@Micah_Johnson3
to build a new program focused on how we can help creators leverage NFTs to participate in digital commerce
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1/ Fantastic thread from
@brian_armstrong
that got me thinking a lot about the relationship between dollars, cents, and sats and the consumer value proposition of Bitcoin micropayments enabled by the Lightning Network
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Every bank should have a crypto strategy and
@Visa
can help!
.
@Visa
has launched a crypto advisory practice to help banks offer digital assets to their retail and commercial customers.
@mikeybellusci
reports
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In order to help support underrepresented investors, founders, and creators in crypto, I'm kicking off a weekly crypto office hour on Sunday's from 2 - 3 PST.
If you are interested in a 30 min conversation please submit a request below
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1/ I'd argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade.
Regardless of anyone's personal views of whether it's good or bad, the reality is that global interest in it is not going away
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Incredibly excited to partner with
@FTX_Official
through our Fintech Fast Track program to offer the new FTX Visa card!
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6/ Now Visa has begun to pilot using our Circle account to conduct settlement payments onchain over the Solana blockchain to global acquirers WorldPay and Nuvei
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1/ At Visa, we believe that NFTs and public blockchains are powerful innovations that can help emerging artists and creators monetize their talent and reach a global audience
Introducing the 2023 Visa Creator Program cohort:
@Alfonsodeorte
,
@gus_sarkodee
, Kaz Cai,
@laciethorne
, and
@violette_marin
.
#VisaCreators
will collaborate with our global community to scale their
#NFT
businesses. Apply to our Visa Creator Program Discord:
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2/ When a consumer uses a Visa card to make a purchase at a merchant, they experience the convenience of instant payment authorizations. What they don’t see is that the value for their purchase needs to move between their bank (the issuer) and the merchant’s bank (the acquirer).
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Visa Crypto will play you in basketball
unfortunately
@GoldmanSachs
refused to play us in flag football or basketball
Something about our 'new recruits don't actually work here' or some other weak excuse
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Programmatic royalties on secondary NFT sales is the biggest e-commerce business model innovation since online subscriptions
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4/ In 2021, we began testing how we could use USDC inside our treasury operations leading to a live pilot with
@cryptocom
where we now accept settlement payments for their card program in Australia over the Ethereum blockchain to a Visa managed Circle account.
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Excited about the opportunity to link Visa cards to self custodial wallets
Gnosis launches Visa card that lets you spend self-custodial crypto in Europe, soon US and Hong Kong by
@ritacyliao
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1/ One of the most interesting areas of consumer fintech to watch over the next 5 years is whether global crypto wallets and exchanges will be able to replicate the features of banks before existing banks replicate the features of crypto wallets and exchanges
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"Visa CEO Al Kelly said the payments giant is in a position to make cryptocurrencies more “safe, useful and applicable” and may add them to the company’s payments network."
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Amazing to see the growth of USDC on Solana
1/ A long thread on the rapid growth of USDC on Solana, and why it matters in the future of payments, banking and capital markets. First, in just a week, USDC on Solana jumped from 1B to 2B in circulation. Wow!
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Excited to share some of our latest work around how account abstraction can be used to enable recurring payments between self-custodial wallets on Starknet
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Incredibly proud of
@rajparekh_
and our entire Visa Crypto product team as we continue to advance our strategy to make Visa the bridge between thousands of financial institutions and
#Bitcoin
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3/ Visa’s treasury and settlement systems enable the clearing, settlement and movement of billions of dollars a day, making sure the preferred currency is received in the correct amount from the issuer and sent to the acquirer
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In a few years, “claim your free NFT” will be as common of a call to action online as “download our free app”
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8/ Visa can now settle these payments to WorldPay in USDC, enabling WorldPay to more flexibly manage their own treasury infrastructure and route the USDC directly to their merchants with less worry about wire cut off times and bank holidays
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Honored to be included on the
@FortuneMagazine
NFTy 50 list. Grateful for all of the amazing artists, builders, and collectors in this space and excited to see the ecosystem continue to grow
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We are working hard to make Visa a bridge between the crypto ecosystem and our global network of 70M merchants and 10k+ financial institutions
Check out an update on our progress here
👇🏼
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5/ This enables a modern and convenient option for crypto native issuers to more easily manage their card programs helping reduce the time and complexity of managing multiple bank accounts and international wire transfers.
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1/ One area that seems under discussed in crypto is the impact decisions from Apple and Google will have on the opportunity and adoption of decentralized applications within the iOS and Android operating systems which could determine success of the smart contract platform thesis
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This is going to be a big cookout. Let’s eat 🍽
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7/ WorldPay and Nuvei enable card acceptance for a diverse set of merchants across the world including a growing number of merchants interacting with the blockchain and crypto economy who may prefer to use USDC within their corporate treasuries over traditional fiat banking
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Another fantastic Visa card program offering crypto rewards!
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Come meet the Visa Crypto team at Converge and learn how we are building on USDC!
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Join me,
@nabilmanji
from WorldPay,
@rangoldi
from Fireblocks, and
@KashRazzaghi
from Circle for a short discussion about our announcement today
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3/ The Tron dominance may be surprising to some people in the West, but it seems that Tron has found significant adoption in emerging markets. (Google trends data of erc20 vs. trc20 in L12M).
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This is a big deal. Payroll direct deposits could become one of the biggest on-ramps into crypto and the infrastructure for it is coming quickly
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4/ Diving deeper into monthly active users (with same heuristic applied), the dominance is even more apparent
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1/ Tune in to hear Visa CEO Al Kelly talk about Visa's approach to crypto on our earnings call
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Particularly interested in experience using Github Copilot and other AI assisted engineering tools to write and debug smart contracts
DMs are open
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Love to see
@Micah_Johnson3
and
@AkuDreams
building new worlds. Shout out to
@surgicalsummer
#AkuHalloween
#AkuCribs
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Thanks
@pierre_rochard
! Great day learning about Bitcoin. Highly recommend Pierre as a fantastic speaker to help institutions understand both why Bitcoin matters and how the technology works
Friendly and smart people, excellent questions, it was an honor.
Thank you to the Visa Crypto team for the invitation!
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What products exist today in the US that enable consumers to purchase Bitcoin on mobile without looking at an order book other than Cash App, Robinhood, Coinbase, and Paypal?
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Visa's Fast Track program is driving the advancement of crypto by connecting leading digital currency wallets to our network of 61M merchants
Excited to partner with
@BlockFi
,
@fold_app
,
@cryptocom
,
@eToro
,
@ln_zap
,
@ZenGo
,
@terniotoken
& many more
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Crypto addresses are next generation shipping addresses for digital commerce
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I'm excited to see crypto fintechs like
@fold_app
innovating around new rewards programs where consumers can earn Bitcoin back when they spend fiat at any merchant that accepts Visa.
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First time I've seen this icon to display an ERC-20 token that indicates which chain or layer 2 it's currently on. Significantly improves the wallet interface compared to switching between networks to view balances. Great work
@zapper_fi
!
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It's important to recognize that stablecoins like USDC are not new currencies.
They are new form factors of existing currencies that can be integrated into the existing global payments ecosystem as additional networks that consumers and businesses can use to transfer value.
15/30 Centre, USDC and future fiat digital currencies built on these standards, are ready to take hold more broadly. It’s time for these standards to become more woven into the core of fintechs and banks more broadly.
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I’m super grateful for the incredible gift of this painting from the estate of Visa founder
@deewhock
who was a talented artist and philosopher in addition to a brilliant entrepreneur that pioneered digital payments
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There is a massive opportunity for stablecoin based business banking and B2B payments. Happy to chat with anyone building in this space.
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This is smart. Would love to see a network of NFT enabled billboard inventory where creators and DAOs could bid on ad space in major cities on-chain
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Five years from now, I wouldn’t be surprised if 100M social media accounts have NFT avatar/profile pics connected to them with each NFT ranging in price from $1M to $100M.
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Thanks
@rhhackett
for giving us the opportunity to share more about how Visa is continuing to invest in supporting crypto partners on our network with new products and capabilities like USDC settlement.
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Super excited for the opportunity to co-chair the World Economic Forum's first global future council on cryptocurrency with
@Melt_Dem
.
Thanks
@sheila_warren
and the
@wef
team for making this council happen!
Thrilled to have launched earlier today
@wef
’s first council entirely focused on
#crypto
! Many thanks to co-chairs
@Melt_Dem
and
@cuysheffield
and to the entire group. Excited for a fun and productive year.
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Amazing hype video from
@blockfolio
, after watching it I don’t know whether I should do some push ups or buy some Bitcoin.
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Currently streaming $0.00003307 USDC per second to
@daniel_mottice
via
@Superfluid_HQ
.
Cool to see
@Delphi_Digital
using it to pay an employee’s salary. Is anyone else using it for payroll?
Big day for
@Delphi_Digital
today!
We used one of our portfolio companies
@Superfluid_HQ
to start streaming one of our teammate's
@jeremyongws
salary
Instead of him getting a biweekly paycheck...he gets paid by the second 🤯
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Digital currencies have the potential to extend the value of digital payments to a greater number of people and places and Visa can help shape and support the role they play in the future of payments.
Learn more about our approach here
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Check out our latest episode where
@brycent_
and
@CathyHackl
take
@sytaylor
and I down the
@AxieInfinity
and play to earn rabbit hole!
Our latest episode is live! 🔥
This week we're learning all about the
#Metaverse
and
#PlaytoEarn
!
To do so, hosts
@sytaylor
and
@cuysheffield
are joined by:
🎙
@CathyHackl
// Godmother of the Metaverse
🎙
@brycent_
// Co-Founder
@LootSquadGG
🎧 👉
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Incredibly excited to work with
@BlockFi
to bring to market the first Visa credit card with Bitcoin rewards
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1/ One of the biggest questions that I have about central bank digital currency (CBDC) is what do central banks want consumers to perceive as the core value proposition of CBDC?
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1/ Regardless of whether the 2020 halving is priced in, I'd argue that institutional investors may be underestimating the growth potential of retail mechanical buying and the impact it could have on driving price appreciation over the long term
@nic__carter
Great post! Though it does not address my objection. Guess I'm "mechanical buying" camp-ish -- I contest that second order thinking will acclimate prices for this accordingly. Intuition: it is too difficult to estimate impact, any efficiency is likely off-mark (too low/high).
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I’m excited to dive into DeFi tomorrow with
@RyanWatkins_
and
@AkinSawyerr
on
@joinClubhouse
at 11 pst
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Amazing to see
@Micah_Johnson3
become the first artist to turn an NFT based character into a major movie deal
“A small Black crypto community mobilized behind Aku at launch and told the world ‘This is a character we want in the world”
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