Crypto retreat at Visa and Mastercard?

According to Reuters, Visa and Mastercard are pausing their crypto activities. However, a senior official disagrees.

The two payment giants Visa and Mastercard are said to have temporarily put their crypto activities on hold. This is reported by Reuters, citing anonymous sources.

According to the report, several launches of different products and services will be affected by the withdrawal.

The companies want to wait until the regulatory and market situation improves, the report added.

On Twitter, Visa’s head of crypto, Cuy Sheffield, disputed the report. They are still working closely with various crypto companies, he said. The focus, he says, is on fiat currency deposit and withdrawal options, as well as developing products to enable stablecoin payments.

And Mastercard’s embrace of crypto seems to be continuing. Just a few days ago, the payments giant partnered with crypto firm Immersve to enable customers to make payments in the USDC stablecoin.