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Crypto News

Visa Stays Committed To Crypto Strategy Despite Market Challenges

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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Despite recent setbacks in the sector, U.S. payments giant Visa stated on Tuesday that it is still committed to funding and supporting the crypto industry.

According to Reuters, Visa is “slamming the brakes” on future collaborations with cryptocurrency-related businesses. The sector comes under increased scrutiny following the failure of the once-famous crypto exchange FTX.

Visa denied that recent setbacks had affected their crypto strategy. The spokesperson stated that their focus remains on serving as a bridge between various platforms and technologies within the crypto ecosystem.  Reassuring that Visa has already made investments in this field and intends to persist in doing so in the future.

Cuy Sheffield, head of the crypto at Visa, tweeted that claims that the company wanted to slow down relationships with the crypto industry were untrue and that it would still be partnering with crypto businesses.

Despite the turbulence and unpredictability in the crypto industry, Sheffield stated that their perspective on fiat-backed digital currencies running on public blockchains has not changed. They believe that such currencies have the potential to play a significant role in the payments ecosystem.

In order to increase its presence in Asia-Pacific (APAC) and the U.K. and give customers more payment options, Visa recently entered into a long-term international partnership with the cryptocurrency payments app Wirex.

On the other hand, Mastercard was reportedly scaling down its activities in the crypto space. Nevertheless, a representative of Mastercard has confirmed to CoinDesk that the company plans to proceed with its efforts to launch “relevant payment solutions and programs” in collaboration with its partners.

The spokesperson further stated that Mastercard focuses on the underlying blockchain technology and its potential to address current issues and develop more efficient systems for consumers and businesses. This statement indicates Mastercard is exploring ways to leverage blockchain technology in its payment solutions to improve its services.