Mastercard and Visa put the kibosh on crypto: Reuters
Bitcoin and altcoins

Mastercard and Visa putting the brakes collaboration in crypto

Mastercard and Visa have postponed the launch of crypto-related products due to market conditions and the need for regulation for the new industry, according to the reuters.

The U.S. payment giants have reportedly put on hold their plans to offer new crypto services or products. From their perspective, market conditions and a regulatory environment that is still too uncertain are causing them to rethink their partnerships with industry players.

This Tuesday, Reuters reports that Mastercard and Visa have suspended plans to offer new crypto services and products.

Sources cited by the British news agency say the two U.S. firms are waiting for market conditions and the regulatory environment to improve before moving forward on the segment.

A Visa representative said that recent disasters in the ecosystem have slowed the development of crypto in the payments industry. “However, this does not change the company’s crypto strategy and direction,” he added.

Last year, the implosion of the stablecoin TerraUSD and the surprise bankruptcy of FTX caused significant turbulence in the market.

In crypto for several years now, the two payment card giants have notably allowed many exchanges to launch their own debit cards.

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