Visa Smashes Rumors Stop Working With Crypto Companies

Key Points:

• Visa denied the report would “slow down” Reuter’s partnerships with crypto companies.
• The recent setbacks or crypto winter have kept the payments giant’s crypto strategy the same.
• The firm’s position hasn’t changed: fiat-backed digital currencies operating on open blockchains have the potential to be crucial components of the payments ecosystem.

Payments giant Visa (V) said on Tuesday that despite recent setbacks in the crypto industry, the company remains committed to investing in crypto and supporting the technology. Reuters’ report of slowing down the partnership is not accurate, according to Coindesk.

Reuters reported Tuesday that Visa is “breaking the brakes” on new partnerships with crypto-related firms. The industry faces renewed scrutiny from regulatory agencies and law enforcement following the collapse of Sam Bankman-Fried’s massive crypto empire FTX. A spokesperson for the payments company directly denied this to Coindesk.

“The recent failures do not change our crypto strategy and focus on serving as a bridge, helping connect platforms and emerging technologies in the crypto ecosystem (…).That is where we have been investing and plan to continue to support.”

They said.

In addition, Visa’s head of crypto, Cuy Sheffield, also posted publicly on Twitter that reports of Visa wanting to slow down its partnership with the crypto space are untrue. He also emphasized that Visa continues to work closely with crypto firms.

“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,”

Cuy Sheffield said.

The fact that Visa recently agreed to a long-term worldwide agreement with the cryptocurrency payments app Wirex to increase its presence in Europe is evidence of the company’s long-standing relationships with crypto firms. Further payment methods will be available to consumers in APAC and the UK.

Reuters previously reported that Visa and Mastercard are pausing new partnerships with cryptocurrencies. Their spokespersons said they still intend to work with partners to bring solutions and programs to match fit.

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