Visa, Mastercard Halt Crypto Push Amid Industry Meltdown The collapse of FTX and BlockFi witnessed a reversal of fortunes for the crypto industry in 2022. The collapse of the two crypto giants rattled investors and increased regulatory scrutiny on the entire sector
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
U.S. payment giants, Visa and MasterCard have put a hold on their plans of to forge new partnerships with crypto firms following consecutive collapses in the industry. The recent events have shook the faith of the people in the industry, according to a report.
The collapse of FTX and BlockFi witnessed a reversal of fortunes for the crypto industry in 2022. The collapse of the two crypto giants rattled investors and increased regulatory scrutiny onthe entire sector.
"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 spokesperson for Visa said.
Both the companies decided to push back the launch of certain products and services related to crypto until market conditions improve.
"Our efforts continue to focus on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems," a spokesperson for MasterCard said.
