Visa denied rumors about the suspension of participation in crypto projects

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Payments giant Visa said it has no plans to slow down its efforts to develop cryptocurrency projects, despite a difficult period for the digital assets sector.

About the fact that Visa and Mastercardare suspending development of cryptocurrency-related initiatives, Reuters initially reported. However, according to the head of Visa's cryptocurrency department, Cuy Sheffield, this information is not true, although there are problems in the cryptocurrency industry.

“Despite the difficult period for the sectorcryptocurrencies, our views on the industry have not changed. We continue to believe that fiat-backed digital currencies running on public blockchains can play an important role in the global payments ecosystem,” Sheffield wrote.

Note that before the collapse of the FTX exchange, they jointlyThey issued cryptocurrency debit cards with Visa, but then the payment firm broke off the partnership. However, the company continues to cooperate with cryptocurrency projects.

"Recent large bankruptcies incryptocurrency sector show that the industry has a long way to go before digital currencies become part of everyday payments and financial services. We are focused on developing Web3 competencies and exploring various blockchains,” said a Visa representative.

Earlier, Visa CEO Al Kelly also said that stablecoins and government-owned cryptocurrencies have every chance of taking an important share in the payments industry.