Did crypto winter scare off visa and MasterCard
Crypto cycles are not for those who lack courage. We can anticipate many growing pains as the industry continues to develop from the cypherpunks into the mainstream. Many businesses interested in the sector may have shied away after the dumpster fire of 2022.
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Reason behind the delayed launch?
According to a recent Reuters report, credit card juggernauts are delaying the launch of some cryptocurrency products until the market and the regulatory environment improves. The head of Visa's cryptocurrency division, Cuy Sheffield, expressed displeasure with the report and reassured the market that Visa is steadfastly committed to achieving its goals in the pitch.
The latest Visa and Mastercard news, Jack Dorsey's decentralised Twitter alternative, and Goldman Sachs' apparent need for more experts in digital assets are all covered in this week's Crypto Biz.
The Head of Visa's cryptocurrency division Cuy Sheffield expressed dissatisfaction with the report, assuring the market that Visa is steadfastly committed to realising its crypto ambitions.
Visa and Mastercard's new Crypto partnership
According to a Reuters report on February 28, the major credit card companies Visa and Mastercard will postpone the introduction of new cryptocurrency partnerships because of the bear market and hazy regulatory circumstances. Following high-profile bankruptcy cases in the industry, including FTX, BlockFi, Celsius, Voyager, Genesis, etc., businesses are reluctant to begin new cryptocurrency collaborations.
The bear market and ambiguous regulations may have caused Visa and Mastercard's embrace of cryptocurrencies to stumble. The credit card behemoths are delaying the introduction of some cryptocurrency products until the market and the regulatory environment are more favourable, according to a recent Reuters report. The Head of Visa's cryptocurrency division Cuy Sheffield expressed dissatisfaction with the report, assuring the market that Visa is steadfastly committed to realising its crypto ambitions.
Key individuals were able to test out the new platform when Bluesky was released as an invite-only app in the Apple App Store. An initial glance at Bluesky reveals a Twitter-like user interface. The primary distinction between the two is that Bluesky calls itself "decentralised," which entails that it operates on separate servers as opposed to centralised ones under the control of a single entity. There is some uncertainty regarding Bluesky's integration with Bitcoin (BTC), which Dorsey values highly.
Observe their actions rather than their words. Goldman Sachs, a global investment bank, has not ruled out hiring more crypto experts despite the ongoing layoffs in the digital asset sector.
The giant Mastercards ant digital asset division
According to Matthew McDermott, head of digital assets at Goldman, the bank is still "hugely positive" about investigating blockchain applications, which might necessitate more hiring. Currently employing 70 people, Goldman Sachs' digital asset division is most likely unaffected by the bank's job cuts.
It feels like only history that Goldman Sachs was hyperactive-critical of crypto. It's now completely embracing the area and its possibilities for taking a step to innovation.
The United States Securities and Exchange Commission (SEC) should not take enforcement action against Coinbase because its staking products don't qualify as securities.
Conclusion
Nowadays, it's challenging to find favourable mainstream coverage of cryptocurrency. This week, Binance CEO Changpeng Zhao responded to a critical article about the operational procedures of his exchange.
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