International payment providers Mastercard and Visa have suspended their crypto initiatives as the companies seek a better regulatory landscape, Reuters reports, citing sources close to the matter.
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Both companies reportedly paused the launch of crypto-related projects and services until market conditions. It is unclear which products have been postponed until better days.
A spokesperson for Visa said that recent "high-profile failures" are an important reminder that the market has a long way to go before "crypto becomes a part of mainstream payments and financial services." The spokesperson noted though the company still believes in crypto.
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