.Visa and Mastercard postpone partnerships with digital asset firms following bankruptcies
The decision came after two major crypto firms, FTX and BlockFi, filed for bankruptcy, sending shockwaves throughout the industry.
As a result of these developments, the payment giants have postponed the launch of specific products and services related to cryptocurrencies until market conditions and regulatory environments improve. The credit card companies had previously viewed cryptocurrencies as the next big thing in finance and had formed multiple partnerships with crypto firms.Visa had recently expanded its partnership with FTX, only to sever ties with the firm shortly thereafter. Meanwhile, Mastercard had become a trailblazer by launching the world's first crypto-backed payment card in collaboration with crypto lender Nexo.However, the U.S.
The industry's fluctuations have left them with no choice but to raise their anchors and steer towards a safer harbor to reevaluate their strategies.
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