Visa and Mastercard Pause New Crypto Partnerships, Reuters Reports

According to Reuters, Visa and Mastercard are pausing their plans to launch new partnerships with crypto firms after a series of collapses in crypto last year, with enhanced regulation.

People familiar with the matter said that 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.

"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 from Visa said.

Last November, Visa terminated its debit card agreements with FTX after the exchange collapsed. Earlier this month, Visa announced it was testing settlement system for large $USDC payments on Ethereum. For Mastercard, it formed a partnership with Binance last year to launch Binance Card.