Visa and Mastercard have decided to push back the launch of certain crypto-related products and services after a string of high-profile collapses in the crypto industry.

Both US payment giants are waiting until market conditions and the regulatory environment improve.

According to a 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."

Meanwhile, Mastercard spokesperson said that they continue to focus on the underlying blockchain technology and its application in helping them address current pain points and build more efficient systems.