Visa Reaffirms Crypto Strategy, Mastercard Touts Blockchain

Visa will continue to focus on its strategy to serve as a bridge between traditional finance and crypto, a company spokesperson told Blockworks

article-image

Tada Images/Shutterstock.com modified by Blockworks

share

Visa says it intends to continue working on its crypto strategy in light of recent reports that say otherwise, while rival Mastercard has flagged intent to focus on a more neutral area: blockchain.

An earlier report by Reuters said both payments giants would be halting cryptocurrency activities following the collapse of high-profile companies in the industry.

Visa has since denied that’s the case. Cuy Sheffield, Visa vice president and head of crypto, tweeted to claim that the Reuters report is inaccurate. 

A Visa spokesperson told Blockworks that the company would continue to monitor the cryptocurrency industry and regulatory developments.

“Our priority is, and will always be, maintaining the integrity of the Visa payments system and protecting the interests of consumers, merchants, and our clients,” the spokesperson said.

They noted that the recent failures in the industry will not change its strategy — which is to serve as a bridge between traditional finance customers and the cryptocurrency ecosystem.

“At Visa, we don’t pick winners and losers. Our job is to support an array of ways to pay and to study new technologies that may impact the future of payments,” the spokesperson said. “To that end, we’re focused on growing our core competencies in Web3 infrastructure layers and evaluating the blockchain protocols driving crypto development.”

Loading Tweet..

Mastercard has not outrightly denied the allegations made in the Reuters article but told Blockworks that it would continue looking into use cases for crypto’s underlying blockchain technology.

“Our efforts continue to be focused on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems for consumers and businesses,” a Mastercard spokesperson said. 

It’s unclear whether those plans include crypto, stablecoins or public (permissionless) blockchain networks. Blockworks has reached out for more information.

In any case, Mastercard’s strategy aligns with the International Monetary Fund’s (IMF) recent posturing toward blockchain networks, which it believes to be “more transformative than the initial wave of cryptoassets.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings

article-image

This week’s biggest funding round saw Jump Trading, JPMorgan contribute to the round

article-image

Plus, a layer-1 for intellectual property is launching and Farcaster users peaked

article-image

Crypto still hasn’t shaken one of its most garish primordial tails — funny stories about fraud

article-image

Plus, publicly traded crypto companies had a pretty eventful news week

article-image

Committee members directed more questions to Christy Goldsmith Romero, who could soon be leading one of the more troubled federal agencies