Reuters: Visa and Mastercard are suspending plans for new partnerships with crypto firms

U.S. payment giants Visa and Mastercard are suspending plans for new partnerships with encryption companies, Reuters reported, citing people familiar with the matter. Both Visa and Mastercard have decided to delay launching certain cryptocurrency-related products and services until market conditions and the regulatory environment improve, according to people familiar with the matter. A Visa spokesperson said, “Recent high-profile failures in the crypto space remind us that we still have a long way to go before crypto can become part of mainstream payments and financial services. However, this does not change the company’s Cryptographic strategy and focus.” A spokesperson for Mastercard said, “We continue to focus on the underlying blockchain technology and how it can be applied to help solve current pain points and build more efficient systems.”