Payments Giant Visa Denies Rumors of Halting Crypto Push

UTC by Mayowa Adebajo · 2 min read
Payments Giant Visa Denies Rumors of Halting Crypto Push
Photo: Depositphotos

Visa is still committed to crypto partnerships and will also continue to improve fiat both on and off-ramp.

A Tuesday Reuters report claimed that US payments giant Visa was halting its crypto push amid an industry meltdown. However, Visa has now debunked those claims. Reacting to the story via a Twitter thread, the payments company’s Head of Crypto Cuy Sheffield says the story is “inaccurate” and Visa is not in any way slowing down with its cryptocurrency plans. That is regardless of the brutal bear market condition. He wrote in part:

“This story is inaccurate as it pertains to Visa.”

Clearing the air, Sheffield confirmed that Visa is still committed to crypto partnerships, and will also continue to improve fiat both on and off-ramp.

Furthermore, he says that despite the air of uncertainty around the crypto ecosystem, Visa is more concerned about how “fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.”

How Keen Is Visa About Crypto?

Though VISA may have claimed that it is now more than ever committed to its crypto push, the fact remains that it appears it has been soft-pedaling recently.

In November, it shut down the global credit card agreements it earlier made with the imploded crypto exchange FTX. The company had initially set out plans to launch the cards across about 40 new countries as part of a proposed “long-term global partnership.”

Despite the situation,  however, it might be understandable that Visa is taking things a little bit slower than before. According to a spokesperson for Visa:

“Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services.”

The spokesperson also added that the reality does not mean that the company is backing down completely from crypto-related business.  But rather, it is taking calculated steps and would remain focused on growing core competencies in Web3 infrastructure layers.  Additionally, the spokesperson also says Visa will continue to explore the endless possibilities of blockchain technology while also keeping an eye on the blockchain protocols that drive crypto development.

Business News, Cryptocurrency News, News
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