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Visa Head of Crypto Pushes Back on Claims of Cutting off Crypto Partnerships

Wed, 03/01/2023 - 11:54
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Tomiwabold Olajide
Major card companies have become more open to cryptocurrencies
Visa Head of Crypto Pushes Back on Claims of Cutting off Crypto Partnerships
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Cuy Sheffield, the head of crypto at payment giant Visa, has pushed back on claims in a Reuters story that the company was backing off of crypto deals.

"This story is inaccurate as it pertains to Visa; here's the reality," Sheffield said in response to the Reuters report citing unnamed sources that the two payment giants, Visa and Mastercard, were putting the brakes on plans to forge new partnerships with crypto firms after the industry's reputation was shaken by a series of high-profile failings.

He goes on to say that the company will continue to collaborate with cryptocurrency companies to improve fiat on and off ramps.

The company will also advance its product roadmap to develop new solutions that can support stablecoin payments in a safe and compliant manner.

Sheffield added that despite the difficulties and uncertainty in the crypto ecosystem, the belief that fiat-backed digital currencies running on public blockchains have the potential to be significant players in payments has not changed.

Visa and Mastercard Back Out of Crypto Deals

"This is the time to build," Sheffield continued, adding, "We'd love to work with you," as he urged developers and companies at the intersection of cryptocurrency and payments to get in touch.

Major card companies have become more open to cryptocurrencies over the past several years as interest in the asset class skyrocketed.

In April, Mastercard and cryptocurrency lender Nexo introduced the "world's first" payment card that was "backed by cryptocurrency."

In November, Visa ended its global credit card partnerships with FTX, just one month after announcing an expanded collaboration with the exchange.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.