Cuy Sheffield, Head of Crypto at Visa, took to Twitter to refute rumors that the payment giant was halting its digital asset initiatives. He clarified that the company’s long-term strategy with cryptocurrencies has not changed, and there were no plans to pause any current partnerships with digital asset companies in the near future.
On Tuesday, it was reported that Visa and Mastercard had temporarily paused their cryptocurrency efforts due to the market’s current instability. However, just hours later, Cuy Sheffield, Visa’s Head of Crypto, took to Twitter to refute these reports and emphasize that the payments giant is still actively searching for more cryptocurrency companies to collaborate with.
He acknowledged that the uncertainty in the industry is real but maintained that fiat-backed digital assets have a serious potential to become a major part of the payments ecosystem. Jeremy Allaire, CEO of Circle, has praised Visa for its continued commitment to blockchain technology. He stated that he and his company are thrilled to keep partnering with the payment giant and other similar organizations.
“Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services. Visa remains focused on growing its core competencies in Web3 infrastructure layers and evaluating the blockchain protocols driving crypto development.”Visa Spokesman