Visa’s crypto head calms the market, corrects the story of fear
- In a story about American payment companies Visa and Mastercard, the head of Crypto at Visa shared his thoughts.
- The story goes that these credit card companies stopped new partnerships due to crypto winter.
Due to crypto winter, two credit card companies stopped the launch of certain crypto products. According to the report, their services will stop until market conditions and the regulatory environment improve.
According to a Reuters report dated February 28, 2023, a Visa spokesperson said: “Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes part of mainstream payments and financial services. “
Meanwhile, a Mastercard spokesperson said, “our efforts continue to focus on the underlying blockchain technology and how it can be used to help address current pain points and build more efficient systems.”
Cuy Sheffield, head of Visa’s Crypto division, seemed quite displeased with this report. He assured the market that Visa is committed to reviewing its crypto ambitions.
Sharing the story, Sheffield stated in his tweet “this story is inaccurate as it relates to Visa.” He wrote, “we continue to work 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.”
“Despite the challenges and uncertainty in the crypto ecosystem, 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,” Sheffield added.
The End of Crypto Winter is almost here
The crypto industry appears to be upping its efforts in the United States. Coinbase, a crypto exchange, led the spending with $3.3 million, followed by the Blockchain Association with $1.9 million. The exchange said: “We expect to build a fantastic asset management business on the other side of this crypto winter.”
Revolut, a crypto-focused fintech company, posted impressive earnings for 2022, with around 33% increase in revenue.
Social Networking Experiment by Jack Dorsey
Jack Dorsey, former CEO of Twitter, is ready to beta test the Twitter alternative Bluesky. The app hit Apple’s app store as an invitation-only app that lets key people try out the new platform.
The interface of Bluesky reveals an interface that looks like Twitter. But here the biggest difference between these two is “decentralization”, which Bluesky claims about. Decentralization simply means that the app operates on independently operated servers rather than centralized servers controlled by a single entity. However, it is not clear yet whether Bluesky will have Bitcoin integration.
Steve Anderson is an Australian crypto enthusiast. He has been a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralization, understanding the true potential of the blockchain.
