A story published by Reuters on Tuesday stated (1) that the US payments firm Visa was pulling back on its cryptocurrency push amid a collapse within the industry. Those assertions, however, have been refuted by Visa at this time.
The Head of Cryptocurrency at the processing company, Cuy Sheffield, responded (2) to the news via a Twitter thread, stating that the story is “inaccurate” and that Visa has no intentions to slow down in any way about its cryptocurrency initiatives. That holds despite the severe conditions of the bear market.
1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼https://t.co/oAEaj7MsX0
— Cuy Sheffield (@cuysheffield) February 28, 2023
Clearing the air, Sheffield reiterated that Visa is still dedicated to crypto relationships and will continue strengthening fiat on- and off-ramps. In addition, he stated that Visa would continue to focus on improving crypto partnerships.
He claims that despite a general feeling of unpredictability surrounding the cryptocurrency ecosystem, Visa is more concerned about the possibility that “fiat-backed virtual currencies operating on public blockchains have the potential to have a significant role in the money transfer ecosystem.”
Visa and Crypto
Even though VISA may have asserted that it is now more devoted than it has ever been to its cryptocurrency drive, the fact remains that it looks like it has been backpedaling as of late.
It terminated all global credit card arrangements that it had previously made with the defunct cryptocurrency exchange FTX in the month of November.
The company originally intended to introduce the cards in approximately forty new nations as part of a “long-term global relationship” they were considering forming.
Given the circumstances, it may be understood why Visa is proceeding slightly more cautiously than in the past. According to statements made by a Visa official,
“Recent high-profile failures in the cryptocurrency business are an essential reminder that we still have a long way to go before cryptocurrency becomes a component of mainstream banking and payment services,”
The representative also said that the reality does not indicate that the company is withdrawing entirely from cryptocurrency-related activities.
But rather than that, it is proceeding with caution and will continue to concentrate on expanding its core skills within the Web3 infrastructure layers.
The representative for Visa stated that the company would continue to investigate the limitless
opportunities presented by blockchain technology, even while keeping a close eye on the blockchain protocols that are the foundation for the growth of cryptocurrencies.