Visa's crypto strategy isn't going anywhere after report firm was 'slamming the brakes'

Visa remains committed to its crypto strategy, a company spokesperson told The Block, despite the hammering digital assets have taken in recent months.

"At Visa, we don’t pick winners and losers," a spokesperson said. "Our job is to support an array of ways to pay and to study new technologies that may impact the future of payments. To that end, we’re focused on growing our core competencies in web3 infrastructure layers and evaluating the blockchain protocols driving crypto development."

The statement came following a Reuters report claiming that Visa would be "slamming the brakes" on its plans to form new partnerships with crypto firms. Visa had "decided to push back the launch of certain products and services related to crypto until market conditions and the regulatory environment improve," the report said.

On Tuesday, Visa’s head of crypto, Cuy Sheffield, countered the report in a tweet claiming that the Reuters story was innaccurate.

Despite challenges and uncertainty in the crypto ecosystem, Sheffield 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."