Payments giant Visa said on Tuesday that it remains committed to investing in the crypto sector and supporting the technology despite recent setbacks in the industry.
Reuters reported yesterday that Visa and Mastercard are pausing new cryptocurrency partnerships as the industry faces new scrutiny following the collapse of FTX.
A Visa spokesperson said that was not the case. “The recent setbacks do not change Visa’s cryptocurrency strategy. Visa remains committed to serving as a bridge, helping to connect platforms and technologies emerging in the crypto ecosystem. This is an area we have been investing in and plan to continue investing in.”
Cuy Sheffield, head of Visa's crypto business, tweeted that reports that Visa wants to slow down its cooperation with crypto companies are inaccurate, and he reiterated that Visa will continue to work with crypto companies. He said, "Despite the challenges and uncertainties in the crypto ecosystem, our view has not changed that digital currencies running on public chains and backed by fiat currencies have the potential to play an important role in the payment ecosystem."
In addition, a Mastercard spokesperson said the company still plans to work with partners to bring related payment solutions to market. The focus will continue to be on the underlying blockchain technology and how to apply it to solve current pain points and build more efficient systems for consumers and businesses. (CoinDesk)
