• Payment giant Visa denied the news of halting its crypto-related services on Twitter.
• Visa filed trademarks for crypto-related services and products in late October.
• The firm was in plans to launch credit cards in nearly 40 nations through its global partnership with FTX, though it ended that agreement due to the exchange’s failure.
Visa Denies News of Halt in Crypto Services
The world’s leading payment giant, Visa, stepped up to deny the news of temporarily halting their crypto services on Twitter. Clearing those all, Visa’s Head of Crypto, Cuy Sheffield, declared this speculative news story „inaccurate.“
Visa’s Affinity With Crypto Partnerships
Last year, Visa filed trademarks for crypto-related services and products in late October. Also, it hinted at its potential foray into the metaverse. Through its global partnership with the collapsed crypto exchange FTX, the firm was in plans to launch credit cards in nearly 40 nations. November witnessed the deadly collapse of the once-second-largest crypto exchange. Eventually, it led the payment processor to end that agreement.
Visa’s Ongoing Commitment To The Crypto Ecosystem
Despite these challenges and uncertainty surrounding cryptocurrency adoption, Visa firmly continues to put its bets on blockchain technology that underpins cryptocurrencies and Web3. Cuy Sheffield stated: “Our 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“. This affirmed its intention to continually collaborate with projects deployed at the „intersection of crypto and payments.“
FTX Exchange Collapse
The collapsed FTX exchange was prominent when considering Visa’s history with cryptopartnerships. Its exposure to FTX via partnership also caused slight declines as Bitcoin flipped it ranking two in terms of market capitalization by February 2021.
Visa has been actively working towards mainstreaming cryptos by filing patents and forming partnerships with exchanges such as FTX — albeit temporarily halted now — but still remains open towards further collaborations in this space as they recognize blockchain technology’s potential role within their payments ecosystem.