- This news of Visa halting its crypto-related services is confirmed: “inaccurate.”
- Within the Crypto partnerships’ good reputation for Visa, the collapsed FTX exchange was prominent.
The world’s leading payment giant, Visa, walked as much as deny this news of temporarily halting their crypto services on Twitter. The seeming news involved the payment giants – Visa and Mastercard – and caused high speculations within the financial sector. Clearing individuals all, Visa’s Mind of Crypto, Cuy Sheffield, declared this speculative report “inaccurate.” Particularly, he clarified Visa’s ongoing affinity with crypto-related services by way of a more sophisticated tweet thread.
With respect to the payment firm, also, he affirmed its intention to constantly collaborate with projects deployed in the “intersection of crypto and payments.”
Affinity of Visa With Crypto Partnerships
This past year, Visa filed trademarks for crypto-related products and services at the end of October. Also, it hinted at its potential foray in to the metaverse. Through its global partnership using the collapsed crypto exchange FTX, the firm is at intends to launch charge cards in nearly 40 nations. November observed the deadly collapse from the once-second-largest crypto exchange. Eventually, it brought the payment processor to finish that agreement.
Visa considered such “high-profile failures” within the crypto market as phenomena that may slow lower cryptocurrencies’ mainstream adoption. And yet, it firmly is constantly on the put its bets on blockchain technology that underpins cryptocurrencies and Web3.
Clearly, Cuy Sheffield mentioned:
“Despite the difficulties and uncertainty within the crypto ecosystem, our view hasn’t altered that fiat backed digital currencies running on public blockchains have the possibility to experience a huge role within the payments ecosystem”
Its contact with FTX through the partnership also caused slight declines. Eventually, in Feb, it had been flipped by Bitcoin to position two when it comes to market capital.
