Visa’s Crypto Division Denies Halting Digital Currency Efforts Despite Market Uncertainty
The leader of Visa's crypto team has refuted claims that the company is halting its digital currency initiatives.
Cuy Sheffield, who heads up the crypto division at Visa, recently took to Twitter to dismiss reports suggesting the company is stepping away from cryptocurrencies due to recent uncertainty in the market.
Sheffield described the reports as “inaccurate” and reaffirmed Visa’s commitment to partnering with crypto companies to improve fiat on and off ramps and build new products that can facilitate secure and compliant stablecoin payments.
Despite acknowledging the challenges and uncertainties of the crypto ecosystem, Sheffield stated that fiat-backed digital currencies on public blockchains have the potential to play an important role in the payments industry.
Visa has already made significant moves to enter crypto, including filing trademark applications for a digital assets exchange, crypto wallet, NFTs, and virtual environments.
Although the company previously partnered with FTX to offer crypto debit cards to customers in multiple countries, the deal was terminated following the exchange’s bankruptcy.