Visa and Mastercard drop partnership with cryptocurrency companies
The Visa and Mastercard companies decided to abandon partnership projects with cryptocurrency platforms due to the crisis in the sector that began in 2022
The crisis in the field of cryptocurrencies, which began in 2022 and has left several platforms bankrupt, is the main reason that has led Visa and Mastercard to suspend crypto projects.
Spokespersons for the companies have indicated that the necessary conditions are not met to associate with cryptocurrency platforms. Market conditions, as well as regulations, are not ideal to continue supporting companies in this scenario.
Both credit card issuing companies in the world made the decision due to the crisis in the crypto market that caused the bankruptcy of Celcius, FTX, Three Arrows Capital, Voyager Digital, among others, generating uncertainty and losses.
A Visa spokesperson, who preferred anonymity, said: “The recent high-profile failures in the cryptocurrency sector are an important reminder that we have a long way to go before cryptocurrencies become part of payments and conventional financial services.
Regarding the suspension of partnerships with cryptocurrency companies, Mastercard noted that they will maintain the focus on blockchain technology, since “it can be applied to help address current pain points and build more efficient systems.”
(Reference image source: Emil Kalibradov, Unsplash)
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