Visa and Mastercard suspend the launch of their own cryptocurrency products for an indefinite period of time

American payment giants Visa and Mastercard have announced the suspension of cryptocurrency-related product launches. The companies made this decision after a series of high-profile bankruptcies in the market.

«Recent high-profile failures in the crypto sector have been an important reminder that we have a long way to go before cryptocurrencies become part of mainstream payments and financial services,» said a Visa spokesperson. However, according to him, this does not change the company’s crypto strategy and future plans. When the situation stabilizes, the company will resume launching products for the crypto sector in the future.

«Our efforts remain focused on the underlying blockchain technology and how it can be used to solve existing problems and create more efficient systems,» the Mastercard representative emphasized.

Interestingly, just a week ago, Mastercard announced the launch of cryptocurrency payments on the blockchain. And in January, it became known that the financial corporation plans to create its own NFT collection. In February, Visa also announced the start of crypto payment integration. The service was supposed to allow customers to convert cryptocurrencies into fiat money and vice versa. Last fall, Visa CEO Al Kelly said that the company would support cryptocurrencies despite the problems of the blockchain industry.