Mastercards has already partnered up with multiple cryptocurrency firms including Binance, Nexo and Gemini to offer crypto-linked payment cards
Mastercard’s head of crypto and blockchain said that the company is planning to expand its crypto payment card program by partnering up with many different crypto firms despite the sector being under heavy scrutiny of regulators and banks.
It’s being reported that Mastercard has already partnered up with multiple crypto exchanges such as Binance, Nexo and Gemini to start offering crypto payment cards for users in multiple countries.
These crypto payment cards will allow users to make payments in their traditional currencies, while getting the payment amount deducted from their crypto wallets.
“We have dozens of partners around the world who offer crypto card programmes and they continue to expand,” said Raj Dhamodharan, Mastercard’s head of crypto and blockchain.
“Providing access to crypto in a safe way is also part of our value proposition and we’re continuing to do that,” he added.
Mastercard hurrying its crypto card expansion is a good sign for the crypto industry especially at a time where users are beginning to lose trust in crypto exchanges and firms, particularly because of two major incidents.
These incidents include the collapse of major crypto firm ‘FTX’ followed by the collapse of the Silicon Valley Bank, which was considered a ‘lifeline’ for crypto investors.
Mastercard was recently asked if it would impose a restriction on the amount of money that it would allow to be transferred to crypto exchanges using its network. Replying to the question, the company’s head of crypto and blockchain said that “We’re not here to pick winners. We’re not here to pick which transaction should happen or shouldn’t happen.”
Adding to his statement Dhamodharan said that Mastercard goes through a number of compliance checks.
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