Per Reuters

Visa and Mastercard have decided to push back on their decision to offer crypto services. This comes as the two companies cite the need for improvement in terms of regulations and market conditions.

The information reportedly came from people that were familiar with the topic but said that the talks were confidential and that their identities shouldn't be revealed. A Visa spokesperson, however, gave a statement regarding how there is still a long way to go when it comes to cryptocurrency.

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

The spokesperson said that despite these factors, the company's strategy and focus still remain when it comes to its plans regarding crypto. A Mastercard spokesperson also shared similar sentiments.

Mastercard spokesperson: "Our efforts continue to focus on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems."

In April, Mastercard previously worked with Nexo, a crypto lender, to launch a payment card that is backed up by crypto. Visa, on the other hand, entered a partnership with FTX, but in November, it severed its global credit card agreements.

Just recently, FTX's SBF reportedly received four new charges as prosecutors note that the company tried to create a company without any employees to circumvent getting a bank account.

American Express previously stated in 2021 saying they would consider crypto a form of reward to users. An AmEx spokesperson, however, gave a statement in an email sharing how they don't see how crypto would replace main services.

AmEx spokesperson: "In the near-term, we don't see crypto replacing our core payment and lending services,"

Recently, 72% of institutional traders said that they don't plan to touch crypto in 2023.

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Reuters