Visa and Mastercard go cold on crypto
are slamming the brakes on plans to forge new partnerships with crypto firms after a string of high-profile collapses shook faith in the industry, people familiar with the matter said.
Both Visa and Mastercard have decided to push back the launch of certain products and services related to crypto until market conditions and the regulatory environment improve, said the people, who asked not to be named as talks were confidential.“Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services,” a spokeman for Visa, the world’s largest payment processor, said.
Mastercard teamed up with crypto lender Nexo in April to launch what it called the world’s first “crypto-backed” payment card. Card company American Express said in 2021 it would consider using crypto as a possible option to redeem reward points in the future. But it is not viewing crypto tokens as a strategic priority in the near term, a source familiar with the matter said.
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