Repot: Visa CEO Promises Payments Giant Would Not Leave Crypto

Visa’s crypto chief denies claims that the American payment giant is halting its cryptocurrency operations.

As reported earlier this week, Visa’s head of crypto, Cuy Sheffield, informs his Twitter followers that the corporation is not abandoning digital currencies due to market volatility.

Sheffield calls stories “inaccurate” and discusses Visa’s crypto activities.

“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.

Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.

This is the time to build! Anyone building at the intersection of crypto and payments please reach out. We’d love to work with you!”

Visa and Mastercard halted crypto partnerships after the crypto market crash and FTX and BlockFI bankruptcy, according to Reuters. Reuters quoted anonymous sources.

Visa has entered the crypto market.

Visa trademarked a digital assets exchange, crypto wallet, NFTs, and virtual environments in October.

When FTX went bankrupt, the company’s crypto debit card arrangement with 40 nations in Europe, South America, and Asia was canceled.