Visa denies rumors of cryptocurrency development termination

Yesterday, it became known that Visa was suspending its cooperation with crypto projects for an indefinite period of time. Earlier, Reuters journalists, who spread the news, referred to the direct speech of Visa’s spokesperson: «The recent high-profile disruptions in the crypto sector are an important reminder that we have a long way to go before cryptocurrencies become part of mainstream payments and financial services.» Today, a Visa spokesperson said that this information is not true.

«The recent difficulties have not affected our crypto strategy. Visa will be the bridge that connects platforms and blockchain technologies to users. We have invested and will continue to invest in this industry,» a company official said

The payment giant’s position was also confirmed by Visa’s head of cryptography, Q Sheffield. He recognizes the problems and uncertainties in the crypto ecosystem, but relies on digital currencies backed by fiat and operating on public blockchains. During the StarkWare Sessions 2023 conference in Tel Aviv, Sheffield said that the company is testing the possibility of conducting settlement transactions in the USDC stablecoin on Ethereum. However, so far, it is only about large payments.

2/ 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.

— Cuy Sheffield (@cuysheffield) February 28, 2023

Visa’s recent partnerships confirm that the company is committed to the long-term implementation of cryptocurrency services. For instance, the payment giant has recently started working with the Wirex app. The companies will provide users in the UK and Asia-Pacific with more payment options. Last year, Visa CEO Al Kelly emphasized that the company expects an increase in demand among business owners and consumers for the use of plastic cards for cryptocurrency transactions.