Visa denied reports about the suspension of its cryptocurrency projects
Payments company Visa denied media reports about the suspension of its projects related to the cryptocurrency and blockchain industry
Payment Systems will continue to develop Web3 and blockchain technology despite bankruptcies in the crypto industry and uncertainty in industry regulation
Visa denied media reports that it is allegedly suspending its cryptocurrency projects following the collapse of several major cryptocurrency companies.
On Feb. 28, Reuters published a story citing unnamed sources claiming that Visa and Mastercard have "hit the brakes" in making new contacts in the crypto industry and decided to postpone the launch of certain cryptocurrency-related products and services.
The article notes that the payment giants have put their crypto projects on pause due to recent bankruptcies in the industry and uncertainty in its regulation.
Visa vice president and head of its crypto division, Kai Sheffield, said the Reuters story was untrue. He said that the company continues to work with cryptocurrency companies and follows its roadmap for creating new products related to digital assets.
Sheffield said that recent industry setbacks will not change Visa's strategy, which is primarily focused on transactions involving stablecoins, which could play an important role in the payment system.
Mastercard did not deny the allegations made in the Reuters article but told Blockworks that it continues to explore options for using blockchain technology.
"Our efforts remain focused on blockchain technology and how it can be applied to solve current problems and create more efficient systems for consumers and businesses," a Mastercard spokesperson said.
Payment companies from the traditional financial industry are actively developing various projects related to blockchain and cryptocurrency.
In December, Visa said it had developed an auto-payment solution on the Ethereum blockchain. In early February, the company conducted a trial launch of payments in stablecoins in the SWIFT system. And Mastercard, using the infrastructure of its own Web3-protocol Immersve, reported that it will implement cryptocurrency payments in DeFi-services and megacities.
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