Despite an unfavourable period for cryptocurrencies, payments giant Visa said it has no intention of curtailing its efforts to create digital asset projects. Reuters originally reported that both Visa and Mastercard had suspended development of cryptocurrency projects.
Kai Sheffield, head of cryptocurrency at Visa, denied reports that the payment giant has abandoned its crypto projects, saying they still believe that digital currencies backed by fiat money and built on public blockchains are essential to the global payment system.
"Our views have not changed despite difficult times for the cryptocurrency sector," Sheffield commented.
The recent fall of the FTX exchange led to the termination of its joint venture with Visa to create cryptocurrency debit cards. Nevertheless, the company remains committed to fostering technological advancements in the cryptocurrency sector.
As Visa explained, "The cryptocurrency sector still has a long way to go before digital currencies become an accepted form of payment and financial services.We are focused on honing the capabilities of Web3 and exploring various blockchains."
Al Kelly, Visa's chief executive, also said that government-backed stablecoins and tokens have the potential to take a leading role in transactions around the world.