Crypto Legal Network Logo

Visa Refutes Allegations Regarding Its Termination Of Crypto Initiatives

visa refutes allegations regarding its termination of crypto initiatives

Allegations that Visa had stopped allowing cryptocurrency investments have been refuted. According to a report from February 28, the corporation would halt its cryptocurrency efforts owing to the collapse of the industry. 

Cuy Sheffield, the firm’s head of cryptocurrency, stated on Twitter that the claim is “inaccurate” and that Visa is not halting any cryptocurrency-related projects.

Sheffield emphasized that the initiatives must continue despite the severe crypto winter. Visa is still dedicated to working with cryptocurrency partners and will keep working to enhance fiat’s on-ramp and off-ramp. 

visa refutes allegations regarding its termination of crypto initiatives

Visa States that it Sees Potential in the Cryptocurrencies

Sheffield also stated that Visa is more concerned about how “fiat-backed digital currencies operating on public blockchains have the potential to play a significant role in the payments ecosystem” than the general unpredictability of the cryptocurrency ecosystem.

Visa’s Cautious Actions Suggest that they are not yet Fully Committed

Notwithstanding Visa is assertion that it is still dedicated to the advancement of cryptocurrencies, the evidence suggests otherwise. The international contracts for the introduction of the credit card in cooperation with the insolvent exchange FTX were terminated in November. The agreement was made in order to develop a “long-term worldwide collaboration” and called for the introduction of the card in 40 nations.

The representatives clarified, however, that this does not imply that the industry associated with cryptocurrencies is being fully abandoned by the organization. As an alternative, the business is taking deliberate action and is still committed to developing its core skills across all Web3 infrastructure layers. 

The Visa spokesperson also asserted that: “The recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes part of mainstream payments and financial services.”

To browse other content that may interest you:Why Coinbase Decided To End BUSD Trading

Read Previous

The Blockchain Stocks: How To “Properly” Invest In Them?

Read Next

AVAX Technical Analysis: AVAX Tries $16.05 Support With Hard Sell

Leave a Reply

Your email address will not be published. Required fields are marked *