US payments giant Visa said on Feb. 28 that it continues to invest in the industry and support its technology despite recent problems in the cryptocurrency industry, including the FTX bankruptcy.
Reuters reported earlier this morning that Visa was “putting the brakes on” new partnerships with crypto firms, but a Visa spokesperson told CoinDesk that it was not.
“The recent issues do not change our crypto strategy and our focus on acting as a bridge between both platforms and technologies emerging in the crypto ecosystem,” the spokesperson said.
A vital role in the payments ecosystem
Cuy Sheffield, Visa’s head of cryptocurrency, also reiterated in a tweet on Thursday that the Reuters report was inaccurate and continued to work with crypto firms.
“Despite the challenges and uncertainties in the crypto ecosystem, our view has changed that fiat-backed digital currencies running on public blockchains could play an important role in the payments ecosystem. No.” (Mr. Sheffield)
Visa recently entered into a long-term global partnership with cryptocurrency payment app Wirex, expanding its efforts in Asia Pacific (APAC) and the United Kingdom to increase payment options.
Mastercard has also reportedly backed off its efforts in the crypto space. But a Mastercard spokesperson told CoinDesk that the company will continue to “work with partners to bring relevant payment solutions and programs to market.”
“Our work continues to focus on the underlying blockchain technology and how it can address current pain points and build efficient systems for consumers and businesses.” .
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Visa’s Crypto Strategy Remains Intact Despite Crypto Winter