93 - Crypto Payments and the DeFi Mullet | Visa's Cuy Sheffield and Anchorage's Diogo Mónica
The DeFi Mullet is a classic Bankless thesis that we've begun to watch play out right in front of us. This week, we bring on Cuy Sheffield from Visa and Diogo Mónica from Anchorage to explain the DeFi mullet from the Fintech side of things.
This episode explores how crypto payments are extending beyond retail and into institutions, and how Fintech platforms like Visa are leveling up with the utilities provided by Anchorage to support crypto. Blurring the lines between the two worlds is shaping up to be a fascinating corner of our industry, and there's a ton of new concepts to dive into throughout this conversation.
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------ Topics Covered:
0:00 Intro 6:30 Visa & The DeFi Mullet 15:03 Anchorage & The DeFi Mullet 18:55 Volatility & Engagement 25:52 Crypto Rewards 34:13 How Payments Work 41:08 Settlement Layers 46:22 What Anchorage Does 50:30 Stablecoins & Bridging 1:00:09 Teaching Visa About Crypto 1:06:10 Immutable Transactions 1:13:22 Visa CryptoPunk 1:22:09 Central Bank Digital Currencies 1:28:04 Trusting Institutions? 1:31:52 Closing & Disclaimers
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
Visa Is Building Infrastructure for NFTs, Smart Contracts, and L2s. Why? - Ep.280
Cuy Sheffield, Visa’s head of crypto, discusses Visa’s crypto game plan, stablecoin regulation, NFTs, and more. Show highlights:
Cuy’s background and his journey down the crypto rabbit hole
how Visa and cryptocurrency can coexist
why crypto companies and fintech companies are similar
what Visa is trying to solve for consumers regarding cryptocurrencies
how cross-chain payment infrastructure would work
why Visa requires enhanced diligence for crypto companies
what countries can learn from stablecoins when building CBDCs
why Visa is creating a universal payment channel for CBDCs and other cryptocurrencies
why Visa chose USDC to begin making payments with
the two main reasons why stablecoins are used (hint: it’s not for buying cups of coffee)
how cryptocurrency is changing financial education and inclusion
how crypto’s open-source ethos is helping underserved and emerging markets build financial infrastructure
why NFTs are Cuy’s favorite topic
how NFTs level the playing field for black artists (and artists in general)
why Visa purchased a CryptoPunk and how other businesses could leverage NFTs
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Cuy Sheffield
Twitter: https://twitter.com/cuysheffield
LinkedIn: https://www.linkedin.com/in/cuy-sheffield-72082126/
NFT collection: https://tryshowtime.com/csheffield
Content:
Medium
https://medium.com/@cuysheffield
Tweets
Thoughts on payroll deposits
https://twitter.com/cuysheffield/status/1442571326447767554
DAOs as chaotic organizations
https://twitter.com/cuysheffield/status/1441536551016534019
Visa Crypto Plays
CryptoPunk purchase
https://usa.visa.com/visa-everywhere/blog/bdp/2021/08/18/nfts-mark-a-1629328216374.html
First smart contract on Ropsten
https://ropsten.etherscan.io/address/0xadb1f7e78a3ac3d0a006961f95d96bbb0ec14326#code
NFT research report
https://usa.visa.com/content/dam/VCOM/regional/na/us/Solutions/documents/visa-nft-whitepaper.pdf
Cross-chain Interoperability
https://usa.visa.com/visa-everywhere/blog/bdp/2021/09/29/making-digital-currency-1632954547520.html
https://arxiv.org/pdf/2109.12194v2.pdf
Visa + USDC
https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.17821.html
https://www.forbes.com/sites/ninabambysheva/2021/03/29/visa-to-start-settling-transactions-with-bitcoin-partners-in-usdc/
Digital currency whitepaper
https://usa.visa.com/content/dam/VCOM/regional/na/us/Solutions/documents/visa-digital-currency-overview.pdf
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