US giants Visa and Mastercard are “freezing” plans for new partnerships with cryptocurrency companies, informed sources told Reuters.
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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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