Breaking: Mastercard, Visa Halt Crypto Plans Amid Market Downturn: Report

Crypto News: World’s leading digital payment giants Mastercard and Visa have reportedly paused their crypto developments. A Reuters report citing its sources said the US payment giants are not going ahead with new partnerships with crypto companies to provide crypto payment solutions. The report has come amid deepening crypto winter.

Visa and Mastercard postpone crypto plans

In latest crypto news, people close to the matter revealed that payment giants Visa and Mastercard are pushing the launch of crypto-related services at least until market conditions improve. The digital payment giants are also waiting for regulatory scrutiny to ease on the crypto market before they proceed to launch their services.

A spokesperson for the Visa said that the recent collapse of high profile companies in the cryptocurrency sector is a reminder that we still have a long way to go before crypto becomes a mainstream tool for payments and financial services. However, the spokesperson added that this does not mean that they are changing their overall strategy and focus on cryptocurrencies. Read More Crypto News Here..

Mastercard looks to focus on blockchain

A spokesperson for Mastercard said that they will continue to focus on the underlying technology of crypto – blockchain – and use it to solve current problems in the financial sector and build more efficient systems. Last year, Mastercard had announced a partnership with crypto lender Nexo to launch the world’s first “crypto-backed” payment card.

American payment card company American Express had also announced in 2021 to use crypto as a possible option to redeem reward points in the future. However, the company is now not seeing crypto as one of its priorities. With the crypto market spiraling downward as major high profile companies collapse, crypto’s mainstream plans seem clouded.