This week Crypto Insiders reported that the payment giants Visa and Mastercard would stop their crypto plans. According to news agency Reuters, the two would like to suspend several deals with crypto companies. VISA has since responded to the news and denies that it has changed plans for crypto.
1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼https://t.co/oAEaj7MsX0
— Cuy Sheffield (@cuysheffield) February 28, 2023
fake crypto news
Despite the fact that the crypto sector has had a tough year, Visa’s crypto strategy remains unchanged. The payments giant will continue to focus on collaborations with the blockchain industry.
“The recent events [in de crypto sector] do not change our strategy. We continue to focus on acting as a bridge for platforms and companies in the crypto sector. That is where we invest and will continue to invest.”
Said Cuy Sheffield, head of Visa’s crypto division. According to Reuters, Visa would hit the brakes and step back from the crypto sector. Sheffield says none of this is true:
“Despite the challenges and uncertainty in the crypto ecosystem, our vision has not changed. Fiat-backed crypto assets, operating on public blockchains, have the potential to play an important role in our payment system.”
Visa and Mastercard are making progress
In addition to Visa, Mastercard was also featured in the Reuters article. A spokesperson for Mastercard indicates that the company will not stop investing in the crypto sector either. The company “still intends to work with partners to develop solutions for payment systems”.
Last week it was announced that Mastercard started a collaboration with Immersve, a web3 payment protocol. The collaboration makes it possible to make crypto payments that are supported by Mastercard.
This is one of many developments resulting from the interest of payment companies Visa and Mastercard. In light of the firm response of the two giants to the news from Reuters, these crypto collaborations will therefore continue for the time being.
