Mastercard and Visa put the kibosh on crypto: Reuters

According to the news agency, Mastercard and Visa have repelled the launching of products related to the crypto because of the market conditions and the need for regulation for this new sector.

This Tuesday, Reuters reports that Mastercard and Visa have suspended their plans to offer new services and crypto products.

The sources quoted by the British press agency specify that the two American firms are waiting for the market conditions and the regulatory environment are improving to move forward in this segment.

A Visa representative stated that recent disasters in the ecosystem had hindered the development of the crypto in the industry of payments. “However, this does not change the company’s crypto strategy and direction,” he added.

Last year, the implosion of the stablecoin TerraUSD and the surprise bankruptcy of FTX caused severe turbulence on the market.

In the crypto For several years now, the two payment card giants have notably allowed many exchanges to launch their own debit cards.

Visa announced to focus on automatic payments with Ethereum in the recent news. As for its rival, it unveiled the “Mastercard Artist Accelerator” program to help artists take advantage of the Web3.

They cannot and should not move forward until there is a clear regulatory framework,” commented Thomas Hayes, president of investment firm Great Hill Capital.

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