NEW YORK—Visa and Mastercard are pulling back on plans to forge new partnerships with crypto firms after a string of high-profile crypto platform collapses, according to a new report.
“The crypto industry saw a stunning reversal of fortunes in 2022 as bankruptcies of industry majors FTX and BlockFi rattled investors and increased regulatory scrutiny on the sector,” Reuters reported. “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, said the people, who asked not to be named as talks were confidential,” Reuters added.
A spokesperson for Visa told the news service that “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,:
In a statement, Mastercard said it plans to continue to on the underlying blockchain technology and how that can be applied to “help address current pain points and build more efficient systems.”
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