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Would the Crypto Winter change Visa’s crypto strategy?

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With the increasing popularity of blockchain, card giants like VISA and Mastercard have been proactive in adapting the technology. VISA, the US-based payments giant has always been a keen supporter of blockchain and cryptocurrency, with major crypto investments and partnerships with multiple cryptocurrency firms.

Is VISA changing its strategy amidst the crypto downfall?

According to a recent report by Reuters, it came to light that VISA is slowing down its pace with regard to forming new associations in the field of cryptocurrency, after the continuous downtrend in the market since the FTX and BlockFi fiasco which wiped out a lot of money. The report, which was based on inputs from undisclosed sources, also said that the payments company is holding the launch of new blockchain-based services and products till the markets stabilize.

Contrary to the report, the head of VISA’s cryptocurrency division, Cuy Sheffield, expressed his displeasure over the speculation and said that VISA is still committed to its ambitions in the field of cryptocurrency despite the pitfalls of 2022. He said that the reports were not accurate and the company is not going to change its crypto strategy and would continue to invest in the sector along with forging partnerships with crypto firms.

“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 commented.

VISA and its affinity for Blockchain

VISA, an established brand in the card payments space, has already partnered with more than 65 crypto wallets to date. They have also filed for multiple patents related to blockchain technology with the US Patents Office. They have also incorporated the technology into its existing services and products ranging from VISA cards, which allow users to buy crypto, to connecting digital wallets to VISA cards. In a shareholder meeting held in January, the VISA CEO, Mr. Kelly, expressed that “we continue to believe that stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space.”

According to the latest updates, VISA has also forged a global partnership with Wirex, an app that enables users to pay via cryptocurrency. VISA would be helping the brand in expanding its reach in the UK and the Asia-Pacific region to expand payment options for its users by connecting its banking and merchant network with digital currencies.


The crypto industry might be facing a slowdown due to recent events, but the utility and use cases of blockchain technology are constantly expanding due to its secure and decentralized nature. As a result, payment companies like VISA see a huge potential to tap, and it’s evident that they are continuously adapting and innovating to stay ahead in the race.

Nancy J. Allen

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