Cryptocurrency US payment giants known for their important steps in the sector Visa and Mastercard, He put the brakes on new crypto partnership decisions, citing current market conditions.
ReutersAccording to the news of the payment giants Visa and Matercardhas paused its plans to form new partnerships with crypto companies as confidence in the industry has been shaken by bankruptcies in the crypto market.
People who have information on the subject speaking to Reuters FTX and the collapse of major platforms like BlockFi, which is why both Visa and Mastercard have decided to postpone their crypto partnerships until market conditions and the regulatory environment improve.
People who spoke to Reuters asked not to be named.
Payment giant VisaA spokesperson for Reuters told Reuters:
“Recent high-profile failures in the cryptocurrency industry are an important reminder that we still have a long way to go before crypto can become a part of mainstream payments and financial services.
However, our decision to suspend new partnerships has not changed Visa’s cryptocurrency strategy and focus.”
MasterCardA spokesperson for the company made the following statement:
“As Mastercard, we may have suspended new cryptocurrency partnerships.
But our efforts continue to focus on the underlying blockchain technology and how it can be applied to help address current hotspots and create more efficient systems.”
As you may recall, Mastercard collaborated with crypto credit institution Nexo to launch the world’s first cryptocurrency-supported payment card last April.
Like Mastercard, Visa also cryptocurrency He had many partnerships. He did one of these in October with FTX, which went bankrupt last November. But after the bankruptcy, Visa terminated its global credit card deals with FTX just one month after their partnership.
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