VISA Reaffirms Commitment to Cryptocurrency Strategy

A Visa company spokesperson, speaking to Blockworks, has confirmed Visa’s affirmation that it will keep focusing on its master plan to be the go-between for both traditional finance and crypto.  Visa intends to keep working on its crypto strategies despite rumors that depict the contrary. The company’s rival, Mastercard, has keen intent to keep its focus on a more neutral arena: blockchain.

In an earlier Reuters report, it was claimed that both payment giants may halt cryptocurrency businesses following the sinking of some high-status companies within the industry. Visa has since absolved itself from such claims. Visa’s vice president and rypto head, Cuy Sheffield, posted a tweet claiming Reuter’s report to be false.

A spokesperson from Visa told Blockworks that the company continues to keep a keen eye on the cryptocurrency space and any regulatory developments. He said that one of the company’s main priorities is to maintain Visa payments’ integrity as well as protect the interests of its clientele, consumers and merchants.

Noticeably, the current failures within the industry will not change the strategy of Visa, that is, to serve as a mediator between traditional finance clients and the cryptocurrency biosphere. “Here at Visa, we do not discriminate. Our purpose is to support a myriad of means to pay our clients and to support studies that are impactful toward future payments,” the spokesperson intimated. “With that in mind, we focus on growing the competencies in infrastructure layers and also the evaluation of blockchain treaties that drive the development of crypto.”

Mastercard has not yet come out about the allegations Reuters had made against the company in the article, but the company said it would continue checking on use cases for underlying blockchain technology in crypto. “We endeavor to exercise continued focus on fundamental blockchain technology and its application know-how in order to aid addressing the current pressure points. We are also working on building better systems in terms of efficiency for our consumers and enterprises,” said a Mastercard spokesperson.

It is not clear if those plans are inclusive of crypto, stable coins or permissionless blockchain nexus. Be that as it may, the strategy Mastercard has merges well with the International Monetary Fund’s (IMF) recent posting about blockchain networks. The multinational institution believes that blockchain and crypto may be here to stay, which is why both technologies need to be looked at closely by major players in the finance sector.

As more companies such as Marathon Digital Holdings Ltd. (NASDAQ: MARA) join the blockchain space and bring more innovative products to market, the place of crypto and blockchain in everyday life could be affirmed more strongly, even among the biggest skeptics.

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