- Visa’s crypto head Cuy Sheffield has denied that Visa is scaling back its crypto endeavors
- Reuturs claimed yesterday that Visa is “slamming the brakes” on its crypto plans due to the crypto winter
- Sheffield denied this, saying that its plans are continuing
Visa is not cutting back on its cryptocurrency integration plans despite the crypto winter, according to the head of its crypto division. Cuy Sheffield posted a tweet thread in the wake of a story from the famously anti-crypto outlet Reuters which suggested that Visa was “slamming the brakes” on its crypto endeavors following the crypto winter and reputational damage following the FTX scandal and other collapses. Sheffield denied this, saying that Visa was still committed to “progress on our product roadmap”, focusing on crypto settlements and stablecoins in particular.
Visa Not “Slamming the Brakes” on Crypto Plans
Reuters claimed yesterday that Visa and Mastercard, which have both committed resources into crypto adoption, are both putting their plans on hold after “a string of high-profile collapses shook faith in the industry”. The outlet, which is fervently anti-crypto, added that both companies had “decided to push back the launch of certain products and services related to crypto until market conditions and the regulatory environment improve”.
It also cited a Visa spokesman as saying that, “Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services.”
Sheffield, however, disagrees with this assessment, as his tweet thread outlined:
1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼https://t.co/oAEaj7MsX0
— Cuy Sheffield (@cuysheffield) February 28, 2023
Stablecoin Conversion Remains Visa’s Primary Goal
Sheffield said that Visa would continue to work with crypto companies to “improve fiat on and off ramps” as well as continuing to look for ways in which it can “facilitate stablecoin payments in a secure, compliant, and convenient way.” While acknowledging the downturn in the market, which has seen many crypto companies letting go of staff, Visa’s view “has not changed that fiat backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.”
Sheffield’s claim is borne out by facts, as just three weeks ago he announced that Visa is working on a way for stablecoin holders to swap their coins for cash on its network. Unless things have changed in the meantime, Reuters seems to have got things wrong – again.
