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Visa has denied a Reuters report that stated that the payments giant is halting its recent push into crypto.
The report, which cited people familiar with the matter, mentioned that both Visa and Mastercard are pausing new partnerships with crypto firms in light of the recent high profile collapses within the industry.
However, in a tweet on Wednesday, Visa's head of crypto Cuy Sheffield said that the story is "inaccurate".
1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼https://t.co/oAEaj7MsX0
— Cuy Sheffield (@cuysheffield) February 28, 2023
"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 clarified.
"This is the time to build! Anyone building at the intersection of crypto and payments please reach out. We’d love to work with you," he added.
Both Visa and Mastercard have been making significant moves in the crypto space in recent times despite the market capitulation.
Earlier this month, cryptocurrency payments app Wirex announced a partnership with Visa as part of the firm's expansion plan in the Asia Pacific (APAC) region and the UK. Visa already has more than 70 crypto-based partnerships.
Last Thursday, New Zealand based Web3 tech innovator, Immersve, announced a partnership with Mastercard to give consumers a "Metaverse Mastercard."
Read more: Wirex, Visa to Offer Crypto Card Payments in APAC
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