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Visa and Mastercard delay new crypto partnerships

Visa and Mastercard delay new crypto partnerships

Visa and Mastercard are reportedly waiting to start collaborating on blockchain projects until the market improves and there is a clearer regulatory framework.

Reuters reported on February 28 that American payment processors Visa and Mastercard have put off starting new partnerships with crypto companies because of high-profile bankruptcies in the industry, which have made regulators look more closely at the industry as a whole. Mastercard is looking into payments in USD Coin USDC. This comes after a time when big payment companies and crypto businesses got along better as the use of cryptocurrencies grew.

Visa and MasterCard were interested in stablecoin settlements weeks before this happened.

Visa and Mastercard are reportedly delaying the release of some crypto-related products and services until the market and the regulatory environment improve. Reportedly, the delays are caused by the failures and bankruptcies of digital asset custodian companies like Celsius, FTX, Three Arrows Capital, Voyager Digital, and others over the past year. This has made the regulatory environment for crypto unclear. A spokesperson for Visa said:

Recent high-profile failures in the crypto industry are an important reminder that we still have a long way to go before crypto becomes a common part of payments and financial services.

collaboration of Visa and Mastercard with Binance

Visa and Mastercard used to work with Binance, a cryptocurrency exchange, to make payment cards that could be used with both cryptocurrencies and fiat currencies. European Economic Area (EEA) residents have had access to Binance’s Visa debit card for cryptocurrencies since 2020. The card gives teaser cashbacks. In a similar way, Mastercard and Binance announced the release of a crypto-fiat prepaid debit card for Brazilian users who meet the know-your-customer requirements.

In the past few months, the exchange has also had problems with the government. Paxos, a company that builds infrastructure for blockchains, said on February 13 that it would no longer work with Binance on the Binance Dollar (BUSD) stablecoin. Binance temporarily stopped accepting deposits and withdrawals in U.S. dollars through Society for Worldwide Interbank Financial Telecommunications (SWIFT) channels on February 8, saying that its banking partner, Signature Bank, wanted to limit its exposure to cryptocurrencies.

Content Source: cointelegraph.com

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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