Visa and Mastercard are reportedly putting a pause on plans to forge new partnerships with crypto firms. This is response to the recent controversies and meltdowns in the crypto market.
Both Visa and Mastercard have decided to push back the launch of certain products and services related to crypto until market conditions and the regulatory environment improve.
“Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services,” a spokesperson for Visa, the world’s largest payment processor, said.
That does not change the company’s crypto strategy and focus, however, the spokesperson added.
A spokesperson for Mastercard said: “Our efforts continue to focus on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems.”
Source: Reuters
