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Visa’s head of crypto Cuy Sheffield described Reuters’ report that the payment giant was pausing its crypto endeavors as “inaccurate.”
In a Feb. 28 Twitter thread, Sheffield said the company has continued to partner with crypto companies to build new products. He said:
“We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way.”
Reuters reported that the payment giant, along with its rival MasterCard, was pausing its crypto endeavors because of the recent events in the industry.
Sheffield noted that while the crypto industry is currently faced with “challenges and uncertainty,” Visa’s “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.”
Stablecoin issuer Circle’s CEO Jeremy Allaire said that the community should not let the “media FUD get out ahead of reality.” He added:
“We’re thrilled to be working with industry leaders such as Visa on leveraging payment stablecoins and USDC.”
Sheffield urged anyone building products in the intersection of crypto and payments to contact him.
Meanwhile, it was unclear if Sheffield was speaking on behalf of Visa. His Twitter handle has a disclaimer stating, “views are my own.”
Visa has scored several crypto partnerships over the past year. The firm has partnered with over 70 crypto firms, serving 80 million merchants globally.
Journalist at CryptoSlate
Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.
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