Visa Reaffirms Commitment to Crypto Tech Despite Recent Reports – Here's The Latest
Visa has reiterated its commitment to crypto strategy, refuting recent reports that the payment giant plans to pause crypto push due to uncertain market conditions.
Cuy Sheffield, Visa vice president and head of crypto, said in a recent tweet that the company plans to continue working on its crypto strategy and ink new partnerships with companies working in the digital asset space. He said:
"We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way."
Sheffield added that the recent crypto meltdown has not changed their view of digital assets. He said they continue to belive that "fiat backed digital currencies running on public blockchains," which is a reference to stablecoins, 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 reach out," he added.
The statements come shortly after a report by Reuters claimed both Visa and Mastercard have decided to push back the launch of their crypto-related products and services due to uncertain market conditions. Sheffield marked the report as "inaccurate."
Both Visa and Mastercard have been aggressively pursuing opportunities in the crypto space over the past years. The duo had big plans for crypto, touting it as the next big thing in finance and payments.
Earlier this year, Visa announced that it seeking to build “muscle memory” around settlements, with plans to allow customers to convert digital assets to fiat currencies on its platform.
In mid-February, the company announced a partnership with Wirex, a
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