Mastercard Furthers Investment Into Crypto Card Integration
July 20 2021 - 8:07PM
NEWSBTC
Mastercard is queuing up a full suite of crypto partners, according
to an announcement this week, in efforts to streamline its card
program for crypto wallets and exchanges. The company initiative
seeks to provide crypto companies with a card option that gives
crypto-holders the ability to spend their digital assets anywhere
that Mastercard is accepted. Swipin’ New Partnerships The flurry of
partnerships include: Circle Paxos Evolve Bank & Trust
Metropolitan Commercial Bank Uphold BitPay Apto Payments i2c Inc.
Galileo Financial Technologies Each partner looks to play a unique
role in Mastercards revitalization to the firm’s already existing
Crypto Card Program. Evolve Bank & Trust and Metropolitan
Commercial Bank are set to likely be the card issuers while Uphold
and BitPay provide supporting crypto wallet technology
infrastructure. Meanwhile, i2c Inc., Apto Payments, and Galileo
Financial Technologies will support processing and program
management for Mastercard. Paxos and Circle, arguably two of the
most recognizable names in the list, will support Mastercard with
the conversion of crypto-to-fiat by way of stablecoins; the process
will allow Mastercard to have stronger internal stability and
ideally allow more banks and crypto partners to get involved down
the line. For Circle, Mastercard is another strong partnership in
the mix after the firm locked in Visa as a partner back in December
2020. Circle, of course, is a major payments infrastructure firm
most known for being the principal operator for the USD Coin
(USDC). Mastercard is one of the largest financial services firms
across the globe, and is now doubling down on crypto-integrated
efforts. | Source: NYSE: MA on TradingView.com Related Reading | As
Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total
Supply What It Means The announcement comes less than a month after
primary Mastercard competitor Visa shared that their customers had
spent over $1B on crypto-linked cards just mid-way through the
calendar year. Consumer demand is undoubtedly making waves when it
comes to mainstream corporate adoption in the crypto-sphere. “Today
not all crypto companies have the foundational infrastructure to
convert cryptocurrency to traditional fiat currency, and we’re
making it easier” said the firm’s EVP of digital asset and
blockchain products & partnerships Raj Dhamodharan in the
release. “Mastercard expects to deliver on our promise of consumer
choice to provide options to people around the world on how and
when to pay.” Elsewhere in the release, established partners showed
excitement around a move that clearly signals increased crypto
adoption; BitPay co-founder and CEO Stephen Pair noted that the
partnership shows promise to “accelerate consumers’ use of crypto
as a means of commerce.” Could a new race in stablecoin-to-fiat
adoption for major institutions be well underway? Related Reading |
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