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Payments giant Visa is said to be suddenly anti-crypto and withdraw from the industry. Now the company has responded – and denied: Accordingly, the public company wants to expand its digital assets division even more. This was revealed by the head of the Visa crypto department.
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Payments company Visa says it will not slow down its plans for cryptocurrencies like Bitcoin or Ethereum, despite reports suggesting otherwise amid a brutal bear market.
The head of the US company’s crypto department, Cuy Sheffield, emphasized in a series of tweets that the Reuters story claiming that both Visa and Mastercard were slowing down their crypto push was “inaccurate,” at least as far as Visa is concerned.
1/ This story is inaccurate as it relates to Visa, here’s the reality 👇🏼 https://t.co/oAEaj7MsX0
— Cuy Sheffield (@cuysheffield) February 28, 2023
According to Sheffield, “despite the challenges and uncertainties in the crypto ecosystem,” Visa believes that “fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.”
3/ Despite the challenges and uncertainty in the crypto ecosystem, our view that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem has not changed.
— Cuy Sheffield (@cuysheffield) February 28, 2023
Visa also affected by the FTX debacle
Although Visa has been cooperating with the crypto space for some time, things have slowed down a bit recently: in November, for example, the company ended its global credit card agreements with the failed crypto exchange FTX. How could it have turned out otherwise?
The company previously announced plans to launch credit cards in 40 new countries as part of a “long-term global partnership.” But then Visa had to pull the plug when FTX went into turmoil.
FTX went bankrupt in a high-profile accident and is now under investigation by authorities for criminal mismanagement. the public prosecutor accuses the company of embezzling customer funds; Its former boss Sam Bankman-Fried now faces 12 criminal charges.
In October, Visa also filed new trademark applications that hint at possible plans for a crypto wallet and Metaverse product. Crypto wallets like MetaMask or Phantom are used to store digital assets like Bitcoin or Ethereum and make payments. The metaverse, in turn, refers to a popular online virtual world – the topic has become a buzz word for many crypto and fintech companies.
The FTX mega-exchange collapse and its aftermath have forced US lawyers and regulators to come up with new ideas to regulate this space.
For example, a Visa spokesperson explains:
“Recent high-profile failures in the crypto sector are an important reminder that we still have a long way to go before crypto becomes part of mainstream payments and financial services.”
However, Visa continues to focus heavily on cryptocurrencies and will focus “on expanding our core competencies in Web3 infrastructure layers and evaluating the blockchain protocols” that “drive crypto development.”
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