Mastercard is putting a number of crypto partners in line this week to streamline its card program for crypto wallets and exchanges, according to an announcement this week. The company’s initiative aims to offer crypto companies a card option that will give crypto holders the ability to spend their digital assets anywhere Mastercard is accepted.
Swipin ‘new partnerships
The numerous partnerships include:
- Develop bank & trust
- Metropolitan Commercial Bank
- Hold up
- Apto payments
- i2c Inc.
- Galileo financial technologies
Each partner wants to play a unique role in reviving Mastercards for the company’s already existing Crypto Card program. Evolve Bank & Trust and Metropolitan Commercial Bank are likely to be the card issuers, while Uphold and BitPay provide supporting infrastructure for the crypto wallet technology. In the meantime, i2c Inc., Apto Payments and Galileo Financial Technologies will support processing and program management for Mastercard.
Paxos and Circle, arguably two of the best-known names on the list, will help Mastercard convert crypto to fiat via stablecoins; The process will allow Mastercard greater internal stability and, ideally, allow more banks and crypto partners to get involved across the board. For Circle, Mastercard is another strong partnership in the mix after the company arrested Visa as a partner back in December 2020. Circle is, of course, a large payments infrastructure company best known as the primary 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
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What it means
The announcement comes less than a month after Mastercard Visa’s main competitor announced that its customers spent over $ 1 billion on crypto-linked cards in the middle of the calendar year. Consumer demand is undoubtedly making waves when it comes to mainstream business adoption in the cryptosphere.
“Today, not all crypto companies have the basic infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier,” said Raj Dhamodharan, EVP of the company for digital assets and blockchain products and partnerships. “Mastercard expects to keep our promise to give consumers choice to give people around the world options on how and when to pay.”
Elsewhere in the publication, established partners showed excitement about a move that clearly indicates increased crypto acceptance. BitPay Co-Founder and CEO Stephen Pair noted that the partnership shows the promise to “accelerate the use of crypto by consumers as a trading vehicle.”
Could a new race in the introduction of stablecoin-to-fiat for large institutions be in full swing?
Related reading | For this reason, Grayscale is doubling its DeFi bet with a new fund
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