Blockchain for Banking News

Visa exec says not pausing crypto push


Earlier today, Reuters published a report saying that Visa and Mastercard are putting brakes on new partnerships with crypto firms. Visa’s crypto chief Cuy Sheffield branded the news as inaccurate concerning Visa.

“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,” Sheffield wrote on Twitter.

He added that fiat-backed digital currencies on public blockchains could play an important role in payments and invited crypto firms to reach out if interested in partnering for payments.

The Reuters quote attributed to Mastercard didn’t explicitly say they were stopping deals. Just last week, the Australian arm of the card company announced a deal with Immersve for a novel card that enables payments while maintaining self custody of crypto. Most existing cards are linked to exchanges that hold the crypto in custody.