Visa's Crypto Plans Are Still On The Menu, Despite the Bear Market Blues!

GM Guys and Gals,

Get ready to feel the heat, because Visa is not slowing down with its cryptocurrency plans, despite what you may have heard. That's right, the payments giant is determined to grow its digital asset department, and they want you to know it.

In a recent series of tweets, Visa's Head of Crypto, Cuy Sheffield, shut down rumours that the company was slowing down its crypto push, saying that the news reports were "inaccurate" when it comes to Visa.

Apparently, Visa still believes that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.

But don't get too excited, because Visa has had its share of setbacks in the crypto space. Remember FTX? The global credit card agreements with the failed crypto exchange ended in November, just as Visa had announced plans to roll out cards to 40 new countries as part of a "long-term global partnership." Oops.

But hey, who needs partnerships when you have trademark applications? Visa filed for new trademarks back in October, hinting at potential plans for a crypto wallet and a metaverse product. Because what the world really needs right now is another crypto wallet and a virtual world for us to escape to.

And let's not forget the collapse of the mega exchange FTX, which has caused quite a stir among U.S. lawmakers and regulators who are now scrambling to come up with new ideas on how to regulate the space. Good luck with that.

But don't worry, Visa remains "focused on growing our core competencies in Web3 infrastructure layers and evaluating the blockchain protocols driving crypto development." Phew, we were starting to worry that they might change their focus to something more useful.

So there you have it folks, Visa is still in the crypto game, and they're not slowing down anytime soon. Get your fiat-backed digital currencies ready, because they're about to play an important role in the payments ecosystem. Just don't ask them about that whole FTX thing.

As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.

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That’s it for the day, Web3Shala 👋

To the Moon 🚀