Hideo Nakamura Visa and Mastercard are denying reports that they are halting new partnerships with cryptocurrency firms. This move follows the collapse of several crypto debit card ventures in 2020, leading to speculation that major payment companies were seeking to distance themselves from the crypto space. However, Visa’s head of crypto, Cuy Sheffield, has stated that these reports are false and “inaccurate as it pertains to Visa.” In an effort to put any further speculation to rest, Sheffield has invited the cryptocurrency community to join the discussion on Visa and Mastercard’s plans for crypto projects. In this article, we will explore the reasons behind Visa and Mastercard’s decision and whether or not the reports of a partnership halt are accurate.
Visa and Mastercard Insist No Plans to Halt Crypto Industry Involvement
Recently, rumors began circulating that Visa and Mastercard have put a halt to their involvement in the crypto industry. This was reportedly due to the “high-profile collapses” experienced by the crypto industry recently. These companies had previously issued debit cards linked to cryptocurrency accounts, many of which have since become unusable as a result of the collapse of these companies.
In response, spokespersons for Visa and Mastercard have clarified that each company’s cryptocurrency and blockchain strategy will remain unchanged despite recent events. They insisted that neither company had plans for a halt or pause in their activity related to the crypto industry.
Visa currently has two active partnerships with crypto companies: Wirex announced a partnership with Visa this past February, and Blockchain.com had partnered with Visa prior to the collapse of FTX in October 2022. However, American Express has indicated that while it is interested in the utilization of cryptocurrency, it is not a near-term priority for the company.
In summarizing their stance on cryptocurrency, both Visa and Mastercard expressed confidence in the potential of digital assets as a payment option. Despite the reports circulating about an alleged halt in involvement in cryptocurrency, both companies maintain that they are continuing to monitor digital asset developments and take appropriate action when necessary.
Cuy Sheffield Invites the Cryptocurrency Community to Join the Discussion on Visa and Mastercard’s Plans for Crypto Projects
In response to reports of Visa and Mastercard planning to pause new partnerships with cryptocurrency companies, Visa’s Head of Crypto, Cuy Sheffield, took to Twitter to state that the Reuters “story is inaccurate”. He went on to explain that Visa is “actively supporting” cryptocurrency companies that are using fiat-backed stablecoins to improve payment systems.
Sheffield also indicated that while they have paused certain types of crypto projects, they are open to exploring new opportunities as well. As he explained it, “Visa continues to partner with many companies in the crypto/digital currency space. We are keenly focused on the potential of fiat-backed digital currencies to extend the value of the Visa network and further our goal of providing consumers and businesses with greater choice, security and convenience in how they manage their finances.”
Sheffield concluded his thought by inviting anyone building at the intersection of crypto and payments to reach out for a conversation. To practical application, he asked, “What does this mean for you? First, if you’re a company operating at the intersection of crypto and payments, reach out. We want to hear from you.”
In addition, Sheffield invited readers to discuss their thoughts on the Reuters report, writing: “We want to invite others in the industry to join us in this discussion.” His post provided an opportunity for comments from both Mastercard and Visa customers and leaders in the cryptocurrency space. As a result, it has sparked a public dialogue about what these alleged plans might mean for both players in the crypto space and traditional payment companies alike.
Visa and Mastercard have made it clear that they have no intention of halting their involvement in the cryptocurrency industry. Furthermore, Visa’s Head of Crypto, Cuy Sheffield, has shared his invitation to the cryptocurrency community to join the discussion on the plans for Visa and Mastercard’s crypto projects. As crypto continues to gain ground in financial markets, it is clear that Visa and Mastercard are eager to keep up with the times and be part of the changing landscape of currencies.
