VISA & Mastercard Rethink Crypto Plans After Market Fallout


During the run up in crypto assets, traditional financial institutions like VISA and Mastercard scrambled to get in on the trend and announced new initiatives that involved Bitcoin, Ethereum, or other cryptocurrencies.

These same companies are now rethinking their strategy in the wake of the FTX collapse and additional negative industry events, according to a new report.

How To Get Free Crypto  
Don’t wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Report: VISA & Mastercard Put Crypto Plans On Pause

An anonymous source told Reuters that both VISA and Mastercard have pulled back on plans to launch crypto-centric services until global financial regulators establish clearer controls geared toward avoiding situations like the one that unfolded last November involving FTX.

A VISA spokesperson made a reassuring statement that the company’s cryptocurrency strategy won’t change, but called the failures of companies like the aforementioned FTX, BlockFi, Celsius and others, “an important reminder” that there is a “long way to go before crypto becomes a part of mainstream payments and financial services.”

Mastercard didn’t quite echo the same support for cryptocurrency, instead focusing on the underlying blockchain technology. The credit card giant claims blockchain will “help address current pain points and build more efficient systems.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Play Now!
Collapses like these are keeping companies away from the nascent industry | TOTAL on

The Post Fallout Impact On The Top Payments Brands

These brands have in the past been associated with failing cryptocurrency businesses, which could have costly consequences. For example, VISA had credit card agreements with FTX, and BlockFi issued a Bitcoin-back rewards credit card that has since become unusable post-bankruptcy.

Coinbase Banner  

Outside of card partnerships, VISA had been eyeing Ethereum as digital payments settlement layer. Mastercard has an entire website landing page dedicated to explaining in detail how the company approaches “crypto and blockchain,” providing useful statistics that present the positive future potential of cryptocurrencies for digital payments.

The two companies are hoping to adapt to the rapidly changing digital payments landscape.

Bitcoin & Ethereum: Disrupting Digital Payments

In related news, at $23,500 per coin, Bitcoin’s total market cap is worth only $12 billion less than VISA, and is more than $100 billion more valuable than Mastercard.

In 2022, VISA processed more than $6 trillion in total value and Mastercard $2.5 trillion. Meanwhile, Bitcoin processed over $8 trillion in the same timeframe. The year prior while DeFi and NFTs were all the rage, Ethereum processed more than 4.5 times the total value in transactions that VISA did.

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from

Go to Source
Author: Tony "The Bull"

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.