U.S. payment giants Visa and Mastercard 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.
That does not change the company's crypto strategy and focus, however, the spokesperson added.
A 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."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.
Card companies, which pocket a small percentage of the dollar value of transactions they process, had announced multiple partnerships with crypto firms and put in place dedicated teams to explore blockchain technology.with crypto lender Nexo in April to launch what it called the world's first "crypto-backed" payment card.its global credit card agreements with FTX, just a month after announcing an expanded partnership with the exchange.
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