Big Law

Visa, Mastercard Temporarily Halt New Crypto Partnerships

The world’s biggest payment processors Visa and Mastercard are temporarily halting any new crypto partnerships and initiatives due to the persisting market downturn that sent several prominent firms into bankruptcy. Still, the downturn does not change the companies’ crypto strategy in the long run, sources told Reuters.

Visa and Mastercard are pausing their crypto efforts after a wave of collapses in the past year rattled investors’ confidence in the digital assets industry, Reuters reported on Tuesday, citing people who know the matter. As a result, the payment giants have decided to delay the rollout of certain crypto-related products and partnerships until the outlook improves, people said.

However, sources said the recent market rout does not change the companies’ long-term plans and strategy for crypto. A Mastercard spokesperson said the company will maintain its focus “on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems.”

Read the source article at tokenist.com

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