Payments giant Visa said it was not going to slow down its efforts to develop cryptocurrency projects, despite the difficult period for the digital assets industry.
The fact that Visa and Mastercard firms are suspending the development of cryptocurrency-related initiatives was initially reported by Reuters. However, according to the head of Visa cryptocurrencies, Cuy Sheffield, this information is not true, although there are problems in the cryptocurrency industry.
“Despite the difficult period for the cryptocurrency industry, our views on the industry have not changed. We continue to believe that digital currencies backed by fiat money and running on public blockchains can play an important role in the global payments ecosystem,” Sheffield wrote.
Note that before the collapse of the FTX exchange, they jointly issued cryptocurrency debit cards with Visa, but then the payment company broke off the partnership. However, the company continues to cooperate with cryptocurrency projects.
“The recent major bankruptcies in the cryptocurrency sector show that the industry has a long way to go before digital currencies become part of everyday payments and financial services. We are focused on developing Web3 competencies and exploring various blockchains,” said a Visa spokesperson.
Previously, Visa CEO Al Kelly also spoke about the fact that stablecoins and government cryptocurrencies have every chance of taking an important share in the payments sector .
