Visa Exec Faults Reuters Story, Says Firm Stays Bullish on Crypto

Visa’s crypto head dismissed an earlier report from Reuters concerning the firm halting crypto-related launches as inaccurate.

As an alternative, he stated Visa will proceed to companion with extra cryptocurrency corporations that may facilitate stablecoin funds, regardless of the continued bear market.

Visa Exec Refutes Reuters Report

In a tweet thread on Tuesday (Feb. 28, 2023), Cuy Sheffield, head of crypto at Visa, responded to an earlier Reuters report regarding the firm, stating that the publication was inaccurate.

Sheffield stated:

“Regardless of the challenges and uncertainty within the crypto ecosystem, our view has not modified that fiat backed digital currencies working on public blockchains have the potential to play an necessary position within the funds ecosystem.”

Visa CEO Alfred Kelly made the same assertion concerning the significant position of stablecoins and central financial institution digital currencies (CBDC) within the cost sector in Jan. 2023 whereas including that the corporate already injected funds into a number of crypto funds, with a number of blockchain initiatives underway.

Reuters beforehand reported that Mastercard and Visa have been pausing potential partnerships with crypto firms following the downfall of some main gamers. The publication cited nameless sources which acknowledged that each corporations is not going to be forging forward with crypto-related product launches till there are improved laws and the market is much less risky. The report additionally quoted a press release from a Visa spokesperson, saying:

“Latest high-profile failures within the crypto sector are an necessary reminder that now we have an extended solution to go earlier than crypto turns into part of mainstream funds and monetary providers.”

Though Visa severed its relationship with the now-bankrupt FTX and terminated its international debit playing cards settlement with the crypto trade, Sheffield stated the funds big will proceed collaborating with crypto corporations.

Monetary Companies Cautious of Crypto After FTX Collapse

Whereas there appears to be no official remark from Mastercard as of the time of scripting this report, the agency partnered with cryptocurrency trade big Binance in Jan. 2023. As beforehand reported by CryptoPotato, Mastercard and Binance teamed as much as roll out a pay as you go card in Brazil, replicating the identical initiative already achieved in Argentina.

Stories of Visa and Mastercard rolling again deliberate crypto integrations come amid mainstream monetary corporations limiting their publicity to the crypto house. This has grow to be a rising development because the FTX collapse. Fears over regulatory clampdowns within the U.S. might also contribute to different firms distancing themselves from the crypto trade. That is already the case for US banks and main auditing corporations.