Visa Exec criticizes the Reuters story and says that the company remains optimistic about crypto

Visa Exec criticizes the Reuters story and says that the company remains optimistic about crypto

The crypto boss of Visa showed a previous report by Reuters about the stopping crypto-related start by the company.

instead he said Visa would continue to work with more cryptocurrency companies despite the continuing Baisse that can facilitate stable coin payments.

Visa Exec rejects Reuters report

in a Tweet-Thread On Tuesday (February 28, 2023), Cuy Sheffield, head of the crypto department at Visa, replied to an earlier Reuters report about the company and explained that the publication was inaccurate.

Sheffield said:

"Despite the challenges and uncertainties in the crypto ecosystem, our view has not changed that fiat-supported digital currencies that run on public blockchains have an important role in playing the payment ecosystem."

Alfred Kelly, CEO of Visa, gave a similar explanation in January 2023 on the important role of stable coins and digital central bank currencies (CBDC) in the payment sector and added that the company had already put funds in several crypto funds and that several blockchain initiatives were ongoing.

Reuters previously reported that Mastercard and Visa would pause potential partnerships with crypto companies after the demise of some important players. The publication cited anonymous sources that explained that both companies will not drive the introduction of crypto -related products until there are improved regulations and the market is less volatile. The report also cited a statement by a visa spokesman, in which it says:

"The recent top-class failures in the cryptosecthip are an important memory of the fact that we have a long way to go before Krypto becomes part of the mainstream payments and financial services."

Although Visa has broken off his relationship with the now bankrupt FTX and terminated his global debit card agreement with the crypto tour, Sheffield said that the payment giant will continue to work with crypto companies.

Financial Company are careful with crypto

While there seems to be no official comment from Mastercard at the time of the creation of this report, the company entered into a partnership with the cryptocurrency gigant binance in January 2023. As already reported by Cryptopotato MasterCard and Binance, to introduce a prepaid card in Brazil and thus repeat the same initiative that has already been carried out in Argentina.

reports on Visa and Mastercard that withdraw planned crypto integrations come in the middle of mainstream financial companies that restrict their commitment in the crypto room. This has become a growing trend since the collapse of the FTX. Fears of official measures in the United States could also help other companies to distance themselves from the crypto industry. This is already the case with US banks and large auditing companies.

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