Mastercard’s Crypto Payment Card Program Continues to Grow
On April 28, Mastercard, a prominent payments company, announced plans to expand its crypto payment card program by partnering with new crypto firms, despite increased scrutiny from regulators and banks.
The company has already partnered with high-profile cryptocurrency exchanges like Binance, Gemini, and Nexo to offer crypto-linked payment cards in various countries.
Mastercard has also launched Mastercard Crypto Credential, which aims to establish common standards and infrastructure to ensure trusted interactions between blockchain-using businesses and consumers.
This move is significant in light of the lack of common standards and trust in the financial industry, resulting in vulnerabilities in security and compliance that could be damaging to the crypto industry.
Additionally, Mastercard has recently launched a crypto card in the UK and EU in partnership with Bybit, allowing users to easily transition from crypto to the fiat world, make purchases, withdraw cash from ATMs, and more.
The card aims to eliminate the need for middlemen and off-ramp providers when paying for goods and services with crypto holdings, starting with a core group of cryptocurrencies and expanding over time.