Qui Sheffield, head of cryptocurrency at Visa, said a Reuters report that the payment giant had paused its cryptocurrency efforts was “inaccurate.”
On Twitter on February 28th thread, Sheffield said the company continues to partner with cryptocurrency companies to build new products. He said:
“We will continue to partner with cryptocurrency companies to improve the fiat on/off ramp and advance our product roadmap to new products that can facilitate stablecoin payments in a secure, compliant and convenient way. We will build a
Reuters reported that the payments giant, along with rival Mastercard, are suspending their cryptocurrency efforts due to recent events in the industry.
Sheffield I got it While the crypto industry currently faces “challenges and uncertainties,” Visa’s “fiat-backed digital currency running on a public blockchain could play an important role in the payments ecosystem.” I have not changed my view that there is
Jeremy Allaire, CEO of stablecoin issuer Circle, said the community should not allow “media FUD to get ahead of reality.”he Added:
“We are excited to work with industry leaders such as Visa to leverage payment stablecoins and USDC.”
Sheffield urged anyone developing products at the intersection of cryptocurrencies and payments to contact him.
Meanwhile, it was unclear whether Sheffield was speaking on behalf of Visa. His Twitter handle has a disclaimer that reads, “Views are mine.”
Visa has won several crypto partnerships over the past year. The company has partnered with more than 70 of her cryptocurrency companies and worldwide he serves 80 million merchants.
