- The news of Visa halting its crypto-related services is confirmed: “inaccurate.”
- In the Crypto partnerships’ history of Visa, the collapsed FTX exchange was prominent.
The world’s leading payment giant, Visa, stepped up to deny the news of temporarily halting their crypto services on Twitter. The seeming news involved the payment giants – Visa and Mastercard – and caused high speculations in the financial sector. Clearing those all, Visa’s Head of Crypto, Cuy Sheffield, declared this speculative news story “inaccurate.” Notably, he clarified Visa’s ongoing affinity with crypto-related services by means of an elaborate tweet thread.
On behalf of the payment firm, he also affirmed its intention to continually collaborate with projects deployed at the “intersection of crypto and payments.”
Affinity of Visa With Crypto Partnerships
Last year, Visa filed trademarks for crypto-related services and products in late October. Also, it hinted at its potential foray into the metaverse. Through its global partnership with the collapsed crypto exchange FTX, the firm was in plans to launch credit cards in nearly 40 nations. November witnessed the deadly collapse of the once-second-largest crypto exchange. Eventually, it led the payment processor to end that agreement.
Visa regarded such “high-profile failures” in the crypto market as phenomena that could slow down cryptocurrencies’ mainstream adoption. But yet, it firmly continues to put its bets on blockchain technology that underpins cryptocurrencies and Web3.
Clearly, Cuy Sheffield stated:
“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”
Its exposure to FTX via the partnership also caused slight declines. Eventually, in February, it was flipped by Bitcoin to rank two in terms of market capitalization.
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