- Visa and MasterCard plan to block new services related to cryptocurrencies
- Visa said that they have a long way to go before cryptocurrencies.
In the wake of the decline of the cryptocurrency industry, the two largest credit card companies, Visa and MasterCard, plan to halt further partnerships with cryptocurrency firms. The move by the multinational payment services company comes after cryptocurrency exchange FTX and cryptocurrency lender BlockFi filed for bankruptcy, rocking the global cryptocurrency market, Reuters reported.
According to the report, a MasterCard spokesperson said;
Our efforts continue to focus on the underlying blockchain technology and how it can be applied to solve existing pain points and create more efficient systems.
Visa and MasterCard Decision
In 2022, the bankruptcy of industry titans Terra (LUNA) crypto exchange FTX unsettled investors and increased government scrutiny of the cryptocurrency sector. Furthermore, this series of high-profile crashes destroyed confidence in the cryptocurrency industry and caused the cryptocurrency market to crash.
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Currently, both Visa and MasterCard have decided to introduce some cryptocurrency-related products and services. Until the market and regulatory environment have improved.
Additionally, MasterCard launched the world's first crypto-backed payment card for HODLers in collaboration with crypto lender Nexo. Additionally, Visa intended to test USDC payments on the Ethereum blockchain. At the time of writing, Visa has a market capitalization of $462 billion. And according to CoinMarketCap data, MasterCard has a market capitalization of $336 billion.
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