Visa’s head of crypto Cuy Sheffield described Reuters’ report that the cost large was pausing its crypto endeavors as “inaccurate.”
In a Feb. 28 Twitter thread, Sheffield stated the corporate has continued to associate with crypto firms to construct new merchandise. He stated:
“We proceed to associate with crypto firms to enhance fiat on and off ramps in addition to progress on our product roadmap to construct new merchandise that may facilitate stablecoin funds in a safe, compliant, and handy means.”
Reuters reported that the cost large, together with its rival MasterCard, was pausing its crypto endeavors due to the current occasions within the trade.
Sheffield noted that whereas the crypto trade is at the moment confronted with “challenges and uncertainty,” Visa’s “view has not modified that fiat-backed digital currencies operating on public blockchains have the potential to play an necessary function within the funds ecosystem.”
Stablecoin issuer Circle’s CEO Jeremy Allaire stated that the group mustn’t let the “media FUD get out forward of actuality.” He added:
“We’re thrilled to be working with trade leaders similar to Visa on leveraging cost stablecoins and USDC.”
Sheffield urged anybody constructing merchandise within the intersection of crypto and funds to contact him.
In the meantime, it was unclear if Sheffield was talking on behalf of Visa. His Twitter deal with has a disclaimer stating, “views are my very own.”
Visa has scored a number of crypto partnerships over the previous yr. The agency has partnered with over 70 crypto corporations, serving 80 million retailers globally.
