Payment processor Visa insists that it is still committed to its cryptocurrency plans in spite of the current bear market conditions.
Cuy Sheffield, the head of Visa’s crypto division, responded to recent press stories which suggested that Visa and Mastercard were rethinking their involvement in the cryptosphere. In a series of tweets, Sheffield clarified that Visa is still dedicated to exploring the use of digital currencies and public blockchains.
Visa’s commitment to the crypto space has not been without setbacks, however. In November, the company announced the termination of its global credit card agreement with the now defunct FTX exchange. The agreement was supposed to see cards distributed to 40 countries as part of a long-term partnership, but the plan was scrapped after the exchange went bust.
FTX’s collapse was the result of a high-profile fallout with its former lead investor, Block.one. Sheffield has stated in the past that Visa is actively involved in the crypto ecosystem, and that the company is examining the potential of digital currencies running on public blockchains.
Recently, a company has come under fire for criminal mismanagement, facing 12 charges against its former leader. In the same period, Visa filed multiple trademark applications, hinting at plans for a crypto wallet, metaverse product, and more. In light of the FTX collapse and its repercussions, U.S. regulators and lawmakers are seeking new ways to regulate the space.
A Visa spokesperson commented on the crypto sector, stating that there is still a long way to go before crypto becomes a regular part of the financial services industry. The company stated that they are focusing on the Web 3 infrastructure layers and looking into the blockchain protocols driving crypto development.
