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- Visa and Mastercard have halted their attempts to forge partnerships with cryptocurrency firms due to the ongoing bear market conditions and the recent significant crypto collapse.
- Both companies plan to delay the launch of some of their crypto-related products and services until market conditions and the regulatory environment improve.
- Visa and Mastercard will continue to focus on blockchain technology to address issues and build more efficient systems, as they have done before with partnerships and programs such as Visa’s NFT creator program and Mastercard’s incubator for emerging artists.
Despite their active push for crypto adoption over the past year, payment giants Visa and Mastercard stated that they will be stopping their efforts to forge partnerships with other cryptocurrency companies citing the still ongoing bear market as well as the recent major crypto crash.
According to a report from Reuters, the payment processor decided to halt the launch of some of their crypto-related products and services until market conditions and the regulatory environment improve.
“The recent high-profile failures in the crypto sector are an important reminder that we still have a long way to go before crypto becomes a mainstream part of payments and financial services,” said a Visa spokesperson.
Even though Visa will be suspending their cryptocurrency initiative, the spokesperson assured that it has not changed their crypto strategy and focus.
Last April 2022, the company launched a non-fungible token generator (NFT) program aimed at bringing small businesses into the digital economy. Selected content creators can participate in the one-year NFT immersion program. (Read more: Visa Launches NFT Creator Program)
“Our efforts continue to focus on the underlying blockchain technology and how it can be applied to help address current issues and build more efficient systems,” said a Mastercard spokesperson.
Last month, Mastercard partnered with Immersve to enable crypto payments on Web3 through a USDC settlement that will allow users to make crypto payments across digital, physical and metaverse spaces. (Read more: Mastercard to Allow Crypto Payments on Web3 via USDC)
Previously, the payment company also partnered with Polygon to launch a web3 incubator to help emerging artists connect with fans and advance their careers through the use of web3 tools and blockchain technology. (Read more: Mastercard Partners with Polygon to Launch Web3 Incubator for Artists)
Locally, Mastercard Philippines has also stated that they are open to allowing cryptocurrency transactions on its platform if approved by local regulators. (Read more: Mastercard PH to Open Doors for Crypto Once Regulated)
In 2018, Visa and Mastercard expressed their desire to have a blockchain-based payment service to solve payment problems. (Read more: Mastercard to Help Speed Up Crypto Transactions)
This article was published on BitPinas: Visa and Mastercard Related Products and Services Delay Crypto Amid an Ongoing Bear Market
Disclaimer: BitPina articles and their external content are not financial advice. The team serves to deliver independent and impartial news to inform crypto Philippines and beyond.
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