Visa Official Claims Continuing Crypto Partnership
Cuy Sheffield, the head of crypto at payment giant Visa, has pushed back on claims in a Reuters story that the company was backing off of crypto deals.
“This story is inaccurate as it pertains to Visa; here’s the reality,” Sheffield said in response to the Reuters report citing unnamed sources that the two payment giants, Visa and Mastercard, were putting the brakes on plans to forge new partnerships with crypto firms after the industry’s reputation was shaken by a series of high-profile failings.
He continues by saying that the company will continue to work with cryptocurrency companies to improve fiat on and off ramps. In addition, the company will advance its product roadmap in order to create new solutions that can support stablecoin payments in a safe and compliant manner.
As interest in cryptocurrencies has grown in recent years, major credit card companies have become more open to them. In April, Mastercard and cryptocurrency lender Nexo launched the “world’s first” cryptocurrency-backed payment card. Visa terminated its global credit card partnerships with FTX in November, just one month after announcing expanded collaboration with the exchange.
(With inputs from Shikha Singh)
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