To provide cryptocurrency-linked payment cards, Mastercards has already worked with a number of cryptocurrency companies, including Binance, Nexo, and Gemini.
The president of Mastercard’s crypto and blockchain division said that despite the industry being closely watched by regulators and banks, the business intends to engage with numerous crypto companies in order to grow its crypto payment card programme.
According to rumours, Mastercard has already established partnerships with many cryptocurrency exchanges, including Binance, Nexo, and Gemini, to begin providing cryptocurrency payment cards to customers worldwide.
Users of these cryptocurrency payment cards will be able to make traditional currency payments while having the payment amount debited from their cryptocurrency wallets.
According to Raj Dhamodharan, head of cryptocurrency and blockchain at Mastercard, “we have dozens of partners around the world who offer crypto card programmes, and they continue to grow.”
“Providing access to crypto in a safe way is also part of our value proposition, and we’re continuing to do that,” he added.
In a time when users are starting to lose faith in cryptocurrency exchanges and companies, especially as a result of two major incidents, Mastercard rushing the expansion of its crypto card is positive news for the industry.
These occurrences include the big cryptocurrency corporation “FTX” and the Silicon Valley Bank collapsing, both of which were seen as “lifelines” for investors in the cryptocurrency market.
Recently, Mastercard was asked if it would place a cap on the amount of money that may be sent to cryptocurrency exchanges using its network. The company’s head of blockchain and cryptocurrency responded, “We’re not here to pick winners. We’re not here to decide whether a transaction should go through or not.
Dhamodharan added that Mastercard undergoes many compliance tests to support his claim.