Visa has denied reports from Reuters about the slowdown in its crypto investments. In a recent article, the news agency claimed that Visa was wary of crypto businesses following the failure of the FTX platform.
The bear market has no impact on VISA’s crypto strategy
A Visa spokesperson told CoinDesk that the Reuters claims are false. Despite market turmoil, Visa continues to actively invest in crypto businesses.
“The recent failures do not change our crypto strategy and our goal of serving as a bridge, helping to connect both platforms and technologies that are emerging in the crypto ecosystem”said the Visa spokesperson.
Cuy Sheffield, head of crypto at VISA, confirmed this position in a tweet, saying that the company’s ambition to leverage the potential of stablecoins to improve the payments industry remains intact.
“Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed: fiat-backed digital currencies running on public blockchains (editor’s notestablecoins) have the potential to play an important role in the payments ecosystem,” he said.
The facts do not contradict Visa’s official position. Indeed, the company recently entered into a new partnership with Wirex to offer payment solutions in Asia-Pacific and the United Kingdom.
Crypto market struggles to recover from FTX scandal
The multiple bankruptcies in the cryptocurrency sector are the basis of a crisis of confidence in cryptocurrencies. The sector still has to prove its solidity to rekindle the appetite of investors, including institutional investors.
In addition, as a Mastercard spokesperson told coindesk, the crypto industry has everything to heal its wounds. The company, which also does not foresee any change in its crypto plan, intends to bet on the blockchain as a way to provide solutions to the crisis which is currently shaking the crypto industry.
As proof, many exchange platforms, like Binance, continue, despite criticism, to increase transparency by implementing blockchain-based proof of reserve.
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