Visa and Mastercard halt new crypto work after industry collapse

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Visa and Mastercard are holding back the idea of ​​forging new partnerships with crypto companies, Reuters reported on Tuesday. Payments companies are taking a break after a series of stunning industry meltdowns, like the FTX bankruptcy. Companies are delaying some launches until the market and regulatory environments improve. LoadingSomething is being loaded.

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Visa and Mastercard are holding back the idea of ​​forging new partnerships with crypto firms after a series of major meltdowns have shaken confidence in the industry, Reuters reported on Tuesday.

Payment giants have each decided to delay the launch of certain crypto-related products and services until there is an improvement in market conditions and the regulatory environment, the report says, citing unnamed sources. close to the file.

The crypto industry in 2022 has seen a rash of breakdowns, including the implosion of the FTX exchange and the subsequent bankruptcy of lender BlockFi. Crypto hedge fund Three Arrows Capital also filed for bankruptcy last year after defaulting on a multi-million dollar loan.

Last week, FTX founder Sam Bankman-Fried faced four more criminal charges, bringing the total to 12. In November, Visa canceled global credit card deals it had with FTX following the stock market crash.

“Recent high-profile failures in the crypto industry are an important reminder that we still have a long way to go before crypto becomes part of mainstream payments and financial services,” a Visa spokesperson said. to Reuters, adding that Visa’s crypto strategy and focus haven’t changed.

Reuters reported on Tuesday that a spokesperson for Mastercard said its efforts “continue to focus on the underlying blockchain technology and how it can be applied to help solve current problems and build more efficient systems.

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