Visa denied that it would suspend cooperation with encryption companies and said it would continue to invest in encryption

According to reports, payment giant Visa said on Tuesday that despite some setbacks in the encryption industry recently, the company is still committed to investing in the encryption field and supporting the technology. Reuters previously reported that Visa and MasterCard are suspending the new cryptocurrency partnership because the industry is facing new scrutiny after the collapse of FTX. A Visa spokesman said that was not the case. Recent setbacks have not changed Visa’s cryptocurrency strategy. Visa will continue to work as a bridge to help connect platforms and technologies emerging in the encryption ecosystem. This is the area we have been investing in and plan to continue to invest in. At the same time, Cuy Sheffield, head of Visa’s encryption business, tweeted that the report about Visa’s desire to slow down its cooperation with encryption companies was inaccurate, and he reiterated that Visa would continue to cooperate with encryption companies. He said that despite the challenges and uncertainties in the encryption ecosystem, our view has not changed, that is, the digital currency supported by the legal currency running on the public blockchain has the potential to play an important role in the payment ecosystem. In addition, a spokesman for MasterCard said that the company still planned to work with partners to bring relevant payment solutions to the market. The work will continue to focus on the underlying blockchain technology and how to apply it to solve the current pain points and build more efficient systems for consumers and enterprises.

Interpretation of this information:

Visa is committed to investing in and supporting the encryption industry despite recent setbacks, according to a company spokesman. Reuters reported that Visa and MasterCard had suspended a new cryptocurrency partnership in the wake of the collapse of FTX, but Visa denied the claim. Visa will continue to work as a bridge to connect emerging platforms and technologies in the encryption ecosystem. The head of Visa’s encryption business, Cuy Sheffield, stated that recent challenges and uncertainties have not changed the company’s view that digital currencies supported by legal currency on public blockchains could play a major role in the payment ecosystem. MasterCard also plans to work with partners to develop payment solutions that focus on blockchain technology to solve current pain points for consumers and businesses.