Visa Executive Says Payments Giant Is Not Backing Away From Crypto, Despite Recent Reports

Visa’s head of crypto is denying reports that the US payments giant is halting its digital currency efforts.

Cuy Sheffield, head of crypto at Visa, says His Twitter followers that the recent uncertainty in the cryptocurrency space is not prompting the company to move away from digital currencies, as reported earlier this week.

Sheffield calls the reports “inaccurate” and explains Visa’s current encryption efforts.

“We continue to work with crypto companies to improve our on and off fiat ramps as well as progress our product roadmap to build new products that can facilitate stablecoin payments in a secure, compatible and convenient way.

Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.

This is the time to build! Anyone building at the intersection of crypto and payments, please get in touch. We would love to work with you!”

Reuters reported that both Visa and Mastercard were halting plans to partner with crypto companies due to the collapse of crypto market prices and the bankruptcies of FTX and BlockFI. Reuters cited unnamed sources for its report.

Visa has already taken a number of steps to enter the cryptocurrency space.

In October, Visa filed trademark applications to create a digital asset exchange, a crypto wallet, non-fungible tokens (NFTs) and virtual environments where users can interact.

The company did partner with FTX to offer crypto debit cards to customers in more than 40 countries with a focus on Europe, Latin America, and Asia, but that deal was canceled when the exchange went bust.

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