Key highlights:
- Visa’s Head of Crypto, Cuy Sheffield, has denied reports of Visa slowing down its partnerships with crypto-related companies. And he is stating that Visa is committed to developing new technologies created by the ecosystem.
- Visa recently terminated its global credit card agreement with FTX, which went bankrupt in November 2022, and is monitoring new regulatory developments.
- Meanwhile, Mastercard is exploring the use cases of blockchain technology to create efficient systems for businesses and consumers.
World payment giant Visa denied the Reuters report dated February 28. They announced they are continuing their partnership with crypto companies. Explaining that they will continue to support blockchain technology. Additionally, cryptocurrencies even though the industry has had a prolonged bear market and many companies have collapsed. Visa stated that companies would not stop investing in crypto technology due to their failures.
In a report shared the other day, Reuters wrote that Visa was cautious about new partnerships with crypto-related companies after the bankruptcy of one of the world’s largest exchanges, FTX. Visa claims the opposite.
Visa’s Head of Crypto Makes a Statement on Twitter
Visa is committed to using and developing new technologies the ecosystem creates. Visa’s head of crypto, Cuy Sheffield, said reports that Visa is looking to slow down its partnerships with crypto-related companies and technologies are false. Visa continues to collaborate with crypto companies.
According to Sheffield, fiat-backed digital currencies have the potential to play an essential role in the global payments ecosystem. Despite regulatory uncertainties and bankruptcies in the ecosystem, public blockchains operate successfully. Visa’s recent collaboration with Wirex to expand its crypto payments business in Asia-Pacific and the UK proves this. Visa aims to provide customers with a wider variety of payment options.
Agreements With FTX Terminated
Visa terminated its global credit card agreement with FTX, which went bankrupt in November 2022. In fact, Visa plans to offer these cards to 40 countries worldwide but has decided to terminate this agreement due to the bankruptcy of FTX. Samuel Bankman-Fried, the former boss of FTX, is on trial for 12 crimes. A similar deal can be made with any other crypto platform.
Visa especially continues to monitor new regulatory developments. Always ready to protect the interests of customers and merchants, the company will continue to act as a bridge between cryptocurrency and traditional finance customers.
Mastercard Continues to Invest
Mastercard, one of the world’s two most prominent payment giants, along with Visa, continues to explore the use cases of blockchain technology. In the Reuters report, it was written that both Visa and Mastercard are slowing down their crypto industry collaborations. Rather than partnering with crypto companies, Mastercard is researching the usage of blockchain technology. They want to create efficient systems for businesses and consumers. Mastercard shares the same perspective as the IMF’s view of the blockchain industry.
