Visa and Mastercard have pulled back their plans to partner with crypto firms following a spate of bankruptcies in the space that has prompted greater regulatory oversight. This marks a watershed moment for the crypto industry, which has seen growing acceptance from major payment companies such as Visa and now Mastercard.
It follows a period of burgeoning relations between fintech and traditional giants, spurred by the meteoric rise in cryptocurrency’s popularity. With this decision, Mastercard will pave the way for more widespread adoption of digital assets – making them not only an asset to be held but also to be spent at merchants around the world. Visa recently commented on the recent spate of crypto sector failures, stressing that there is still a long way to go before it can become an integral part of payments and financial services.
Although these hiccups present setbacks for the industry as a whole, we mustn’t forget that this nascent sector has made remarkable progress over the last few years. Looking back at our collective experience, one cannot help but marvel at the cutting-edge innovation and incredible potential of cryptocurrency despite its tribulations. It’s clear that with continued resilience and dedication, we will eventually see the mainstream success of digital currencies.
JUST IN: Visa & Mastercard pause launch of #crypto products until market conditions and regulation improves.
— Watcher.Guru (@WatcherGuru) February 28, 2023
When will the Collaboration Push Back?
Visa and Mastercard have no plans of reversing their stance until market conditions become more favorable and regulators lend their approval.
Visa and Mastercard’s halt of new crypto partnerships is a regrettable yet understandable move given the volatile nature of cryptocurrency markets. While it has certainly been a boon for those that have made substantial gains, its unpredictable behavior continues to present challenges for merchants and consumers alike.
