Cryptocurrency Statement from Visa Manager: He Denies Slowdown!

Payments giant Visa, despite reports to the contrary in its statement, cryptocurrency He said he would not slow down his plans.

Visa Crypto Spokesperson Says Company Won’t Slow Down Its Crypto Plans

Cuy Sheffield, Head of Crypto at the US company, said in a series of tweets on Tuesday that a Reuters report claiming that both Visa and Mastercard are slowing down crypto moves is “wrong” when it comes to Visa.

He added that “despite the challenges and uncertainty in the crypto ecosystem,” Visa believes that “fiat-backed digital currencies operating on public blockchains have the potential to play an important role in the payments ecosystem.”

1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼https://t.co/oAEaj7MsX0

— Cuy Sheffield (@cuysheffield) February 28, 2023

Visa has been working in the crypto space for a while, but the work has slowed recently. The company ended its global credit card business with crypto company FTX, which went bankrupt in November.

The company had announced plans to offer cards to 40 new countries as part of a “long-term global partnership,” but pulled the plug on that plan when the crypto company went bankrupt.

A Visa spokesperson said:

“The recent major disruptions in the crypto industry are a reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services.”

The spokesperson added that Visa is “focused on enhancing its core competencies in the Web3 infrastructure layers and evaluating the blockchain protocols that drive crypto development.”

Visa also in October, a bitcoin and had filed new trademark applications hinting at potential plans for a crypto wallet and a metaverse product.

*Not investment advice.