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It became known about the division of Visa Crypto Team, Citigroup conducted a stablecoin test and abandoned this idea. Joseph Lubin from Ethereum on the world economy.
Visa keeps secret its intentions regarding the development of the cryptocurrency division. However, information on the job search site revealed its plans. Here is the search for an employee in the division of Visa Crypto Team. He will work in the US city of Palo Alto, California. His task will include the implementation of a strategy in the field of cryptocurrency development.
Although VISA is wary of cryptocurrencies, they cannot ignore progress here. At the end of 2018, VISA bought Earthport Plc. The amount of the transaction amounted to $ 250 million. The piquancy of the situation is added by the fact that Ripple protocol is used for transactions in Earthport Plc.
All about payment system and blockchain
Since 2015, the bank tested its own cryptocurrency called Citicoin, but all tests were carried out without attracting the attention of the press. After testing, it was decided to abandon the launch of stablecoin.
The head of the innovation unit, Gulru Atak, said that now the financial system is not ready for the transition to new systems of mutual settlements. Everyone is satisfied with the opportunities provided by SWIFT, and at Citi they do not seek to look far ahead. It is difficult to say how far-sighted such a policy is. However, competitors from JPMorgan and other credit organizations are not standing still.
One of the founders of the Ethereum platform, Joseph Lubin, is confident in the imminent growth of the world economy. He believes that in the coming decades it will grow 10 times due to the widespread introduction of the blockchain. According to the expert, the Ethereum 2.0 project will be one of the prototypes of the future cryptocurrency.
Now the blockchain technology is full of flaws. This is a low speed and high energy costs for conducting transactions. However, very soon the situation will change dramatically. About the same picture was when the first computers appeared. It seemed that these bulky machines could never compete because of the inconvenience and high cost. But it turned out that it was they who changed the economic space.