- Cuy Sheffield, Visa’s head of crypto, said the company is still working with crypto companies.
- Visa believes that stablecoins have the potential to play an important role in the payments ecosystem.
- Visa had signed a partnership with FTX a month before it collapsed.
Despite the recent wave of bankruptcies in the industry and the looming regulatory concerns, payment services giant Visa is still bullish on crypto.
Responding to a report by Reuters that said that Visa is pausing its crypto efforts, Cuy Sheffield, head of crypto at Visa, said that the company continues to work with crypto companies.
“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.”
Sheffield highlighted stablecoins, saying that Visa believes that fiat-backed crypto has a bright future in the payments industry.
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“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.”
Visa had stayed bullish on crypto even after having partnered with FTX a month before it filed for bankruptcy. Visa and FTX were supposed to release a crypto debit card in 40 countries worldwide, but the company canceled the partnership a few days after FTX experienced a bank run that eventually led to its demise.
Despite the FTX debacle, Visa has continued to be involved in the crypto space. For example, in December, Visa announced a proposal to enable programmable payments for Ethereum accounts.
On the Flipside
- The future of stablecoins in the U.S. is still uncertain. The SEC has recently ordered Paxos to stop issuing BUSD, a Binance-branded stablecoin, on the grounds that it’s a security.
Why You Should Care
Visa staying positive on crypto is a good sign for the crypto industry. If more traditional payment companies emerge and start innovating, crypto adoption could grow exponentially.
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