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- In a story about US payment companies Visa and Mastercard, the Head of Crypto at Visa shared his thoughts.
- The story states that these credit card companies halted new partnerships due to crypto winter.
Due to crypto winter, two credit card companies halted the launch of certain crypto products. As per the report, their services will pause until the market conditions and the regulatory environment improve.
As per a Reuters report dated February 28, 2023, a spokesperson for Visa said, “Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services.”
Meanwhile, a spokesperson for Mastercard said, “our efforts continue to focus on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems.”
Cuy Sheffield, Head of Visa’s Crypto division, seemed quite unhappy with this report. He reassured the market that Visa is committed to seeing through its crypto ambitions.
By sharing the story, Sheffield stated in his tweet,”this story is inaccurate as it pertains to Visa.” He wrote, “we continue to partner 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.
End of Crypto Winter is almost here
The crypto industry seems to be enhancing its efforts in the US. 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 an awesome asset—management business on the other side of this crypto winter.”
Revolut, a fintech company focusing on crypto, published impressive earnings for 2022, with around a 33% increase in its revenue.
Social network experiment of Jack Dorsey
Jack Dorsey, former Chief Executive Officer of Twitter, is ready to beta test Twitter alternative Bluesky. The app hit Apple’s app store as an invite-only app that will allow key persons to try out the new platform.
The interface of Bluesky reveals an interface that looks like Twitter. But here, the major difference between these two is “decentralization,” which Bluesky is claiming about. Decentralization simply means that the app operates on independently run servers instead of 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 is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
