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US giants Visa and Mastercard are “freezing” plans for new partnerships with cryptocurrency companies, informed sources told Reuters.
The bankruptcies of major cryptocurrency exchange FTX and lending platform BlockFi spooked investors and increased regulatory scrutiny.
Both Visa and Mastercard have decided to postpone the launch of cryptocurrency-related products and services until market conditions and the regulatory environment improve, sources told Reuters.
“Recent high-profile failures in the cryptocurrency sector are an important reminder that we have a long way to go to make cryptocurrencies part of the mainstream payments and financial services market,” a spokesman for Visa, the world’s largest payment processor, said.
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