Over the past couple of years, major card firms had warmed up to crypto as the popularity of the asset class exploded, with some touting it as the next big thing in finance. Cardano is a platform with a different blockchain validation system than Bitcoin or Ethereum. That does not change the company's crypto strategy and focus, however, the spokesperson added.Ī spokesperson for Mastercard said: "Our efforts continue to focus on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems." CRYPTO RETREAT Red-hot interest in this asset class coincides with the rise of metaverses or parallel worlds where people are spending more and more of their. "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 for Visa, the world's largest payment processor, said. As crypto markets may see their bull run continue for fungible tokens (aka Bitcoin, Ethereum, et al), the non-fungible token (NFT) asset class is quickly emerging as the next big thing in crypto in 2021. A few online retailers and trendy coffee bars accept it, but its yo-yoing value. The crypto industry saw a stunning reversal of fortunes in 2022 as bankruptcies of industry majors FTX and BlockFi rattled investors and increased regulatory scrutiny on the sector.īoth 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, said the people, who asked not to be named as talks were confidential. After spiking at 1,100 in November 2013, its value has dropped to 225 (see chart).
payment giants Visa (V.N) and Mastercard (MA.N) are slamming the brakes on plans to forge new partnerships with crypto firms after a string of high-profile collapses shook faith in the industry, people familiar with the matter told Reuters.
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