Visa and Mastercard are two of the most prominent digital payment platforms in the world. On account of the changing regulatory environment, both these companies have decided to part ways with their cryptocurrency commitments. Thus far, the firms have reportedly decided to delay the underway partnership with crypto enterprises.
This decision is not coincidental. It was made under the influence of the pressure generated by the bankruptcy filing of two major cryptocurrency enterprises, namely BlockFi and FTX. These two demolitions have made a shocking impact on the cryptocurrency market’s morale and goodwill.
The firms have been working with various cryptocurrency enterprises to entertain their customers with cryptocurrency payment options. However, there is no news about the complete dismantling of these crypto ventures. The firms are resolved to wait for a while until the clouds of doubt have parted from the crypto markets.
It is important to mention that both Mastercard and Visa executives have issued a positive statement about cryptocurrency development. Digital payment enterprises have deemed cryptocurrencies as the next big thing in the market and have plans to integrate these services for their clients to keep up with the latest financial innovations.
Role of VISA and Mastercard in Crypto Adoption
Cryptocurrencies have become one of the most popular methods of trading across the globe. Billions of people have stakes in the crypto market. Keeping the rising demand in view, Visa partnered with FTX exchange but decided to part ways following the notorious breakdown.
On the other hand, Mastercard is in the process of introducing a crypto payment card in association with the Nexo lending protocol. Another major reason for the sudden cold feet on crypto partnerships is the increasing pressure from SEC and other regulatory agencies in the USA.
At present, there is a battle about seizing control of the crypto markets and becoming the appointed regulator to handle this multi-trillion dollar space.