Shockwaves in Crypto World as Visa and Mastercard Exit Crypto Projects

Key Points:

• Visa and Mastercard have decided to postpone their plans to establish new partnerships with digital asset firms, dealing another blow to the crypto industry.
• Visa and Mastercard have decided to delay the launch of certain products and services related to cryptocurrencies until the regulatory environment and market conditions improve.
• United States remains unpredictable and tumultuous, with Visa and Mastercard now finding themselves struggling to navigate through rough waters.

According to a report from Reuters, Visa and Mastercard have decided to postpone their plans to establish new partnerships with digital asset firms, dealing another blow to the crypto industry.

The decision was made following the recent bankruptcies of two major crypto firms, FTX and BlockFi, which sent shockwaves throughout the industry. As a result, Visa and Mastercard have decided to delay the launch of certain products and services related to cryptocurrencies until the regulatory environment and market conditions improve.

Previously, both credit card companies had viewed cryptocurrencies as the future of finance and had formed numerous partnerships with crypto firms. For example, Visa had recently expanded its partnership with FTX, only to cut ties with the firm shortly thereafter. On the other hand, Mastercard had become a pioneer in the industry by launching the world’s first crypto-backed payment card in collaboration with crypto lender Nexo.

However, the current regulatory landscape in the United States remains unpredictable and tumultuous, with Visa and Mastercard now finding themselves struggling to navigate through rough waters. The industry’s volatility has forced them to reassess their strategies and seek safer harbors to weather the storm.

As a result of these developments, it remains to be seen when and how Visa and Mastercard will resume their forays into the crypto industry. For now, it appears that they are taking a cautious approach, waiting for clearer signals from the market and regulators before making any significant moves.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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