Visa says its crypto strategy would remain the same after a news report said it and fellow payments company Mastercard were halting efforts to forge new...
Visa Inc. on Tuesday said its crypto strategy would remain the same after a news report said it and fellow payment company Mastercard Inc. MA were halting efforts to forge new partnerships with crypto firms.
A Reuters report on Tuesday, citing sources familiar with the matter, said the companies were delaying the launch of crypto-related products and services until market conditions and the regulatory environment improve. The delay comes after the after high profile industry setbacks, including the bankruptcy of crypto exchange FTX and digital asset lender BlockFi.
The spokesperson said recent high-profile failures in the crypto sector were an important reminder that there is a long way to go before crypto becomes a part of mainstream payments and financial services and that Visa’s priority would be maintaining the integrity of hte company’s payments system. A Mastercard spokesperson told MarketWatch in an email that its efforts would remain focused on the underlying blockchain technology and how that can be used to build more efficient systems for customers. Mastercard did not directly address whether it would be pausing the rollout of products and services.
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