Visa and Mastercard blockchain partnerships on hold now! Goldman Sachs is open for crypto hirings.
Two of the world’s largest payment processing companies, Visa and Mastercard, have put a halt to new blockchain partnerships, citing regulatory concerns and competition from central bank digital currencies (CBDCs). Meanwhile, Goldman Sachs has announced its openness to hiring crypto professionals for its digital asset team.
Visa and Mastercard announced several partnerships with crypto firms earlier this year to help users purchase crypto seamlessly. Visa, for instance, has partnered with over 70 crypto firms, serving 80 million merchants worldwide. However, the recent market collapse that pushed several crypto firms, including FTX and BlockFi, into bankruptcy has forced the payment giants to rethink their crypto partnerships. Sources close to Visa and Mastercard blockchain partnerships are now on hold, and they have suspended the launch of crypto-related services until the regulatory environment and market conditions improve.
Visa spokesperson stated that the recent crypto collapse indicates that it has a long way to become a part of the mainstream payment system. However, the company will not change its positive stance and strategy on the crypto and Visa crypto partnership. The Mastercard spokesman also stated that the company would explore new blockchain use cases while waiting for a clear regulatory framework to establish new partnerships with crypto companies.
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The decision by Visa and Mastercard to halt new blockchain partnerships could impact the blockchain industry and the future of blockchain adoption in the finance sector. The payment giants have been seen as important players in the crypto space. Visa and Mastercard blockchain partnerships have provided a way for users to purchase and spend cryptocurrencies easily. The suspension of these partnerships could slow blockchain adoption in the finance sector, especially if other payment processing companies follow suit.
On the other hand, Goldman Sachs crypto interest has made him announce the willingness to hire crypto professionals for its digital asset team. The investment bank has recently established a digital assets team to explore the potential of blockchain and crypto-related projects. Goldman Sachs has been known for its conservative approach to cryptocurrencies, with its CEO calling bitcoin a “vehicle for fraud” in 2017. However, the company’s recent announcement to hire crypto professionals indicates a change in attitude towards the crypto space.
The significance of this move by Goldman Sachs crypto interest cannot be understated, especially considering the company’s reputation in the finance industry. The investment bank’s decision to explore the potential of blockchain and crypto-related projects could lead to increased institutional adoption of cryptocurrencies, which could significantly impact the crypto market.
In conclusion, the recent decisions by Visa and Mastercard to halt new blockchain partnerships, as well as Goldman Sachs’ acceptance of hiring in the crypto space, have raised important questions about the future of blockchain adoption in the finance sector. While Visa and Mastercard’s concerns about market conditions and regulations may be valid, it remains to be seen how this will impact the growth of the blockchain industry in the long term. Moreover, Goldman Sachs’ move to hire crypto professionals for its digital asset team signals a growing acceptance of cryptocurrencies among traditional financial institutions. It will be interesting to see how these developments play out and whether other financial firms will follow in Goldman Sachs’ footsteps in the years to come.