Visa and MasterCard announced the suspension of participation in new crypto projects

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International payment systems Visa and MasterCard have decided to temporarily suspend partnerships with cryptocurrency companies due to a series of high-profile bankruptcies in the industry.

In comments to the media representativespayment processors have said that the launch of collaboration programs related to cryptocurrency assets will be delayed until market conditions and the regulatory environment improve.

“Recent high-profile failures in the crypto sector"are an important reminder that we have a long way to go before cryptocurrency becomes an integral part of payments and financial services," a Visa spokesperson said.

A MasterCard representative added that despiteWhile temporarily suspending cooperation with cryptocurrency companies, payment systems will “continue to keep the underlying blockchain technologies under review, as well as their possible application to create effective systems.”

One of the oldest representatives of the market -American Express, which issues payment cards of the same name, stated that it continues to explore options for using cryptocurrency technologies, without considering crypto assets as a strategic priority.

“We do not see cryptocurrency complementing any of our core payment or credit services in the near term,” an AmEx spokesperson said. 

Earlier, cryptocurrency service provider Wirex reported
on concluding a long-term agreement withinternational payment system Visa to expand the list of services in the Asia-Pacific region and the UK. At the time MasterCard and Web3 Immersve stated
on joint support for cryptocurrency payments by users in metaverses and on digital platforms.