Visa’s head of crypto disputes report of company pausing crypto push Visa’s head of crypto disputes report of company pausing crypto push
Visa’s head of crypto Cuy Sheffield said the company remains committed to the crypto industry despite the uncertainty and challenges.
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Updated: Feb. 28, 2023 at 8:06 pm UTC
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Visa’s head of crypto Cuy Sheffield described Reuters’ report that the payment giant was pausing its crypto endeavors as “inaccurate.”
In a Feb. 28 Twitter thread, Sheffield said the company has continued to partner with crypto companies to build new products. He said:
“We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way.”
Reuters reported that the payment giant, along with its rival MasterCard, was pausing its crypto endeavors because of the recent events in the industry.
Sheffield noted that while the crypto industry is currently faced with “challenges and uncertainty,” 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.”
Stablecoin issuer Circle’s CEO Jeremy Allaire said that the community should not let the “media FUD get out ahead of reality.” He added:
“We’re thrilled to be working with industry leaders such as Visa on leveraging payment stablecoins and USDC.”
Sheffield urged anyone building products in the intersection of crypto and payments to contact him.
Meanwhile, it was unclear if Sheffield was speaking on behalf of Visa. His Twitter handle has a disclaimer stating, “views are my own.”
Visa has scored several crypto partnerships over the past year. The firm has partnered with over 70 crypto firms, serving 80 million merchants globally.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Visa
Visa is an American multinational financial services corporation headquartered in Foster City, California, United States.
Mastercard
Mastercard is a leading global payments & technology company that connects consumers, businesses, merchants, and issuers and governments around the world.
Jeremy Allaire stands as the founder, chairman, and CEO of Circle, a trailblazing consumer Internet company.