Mastercard has worked with cryptocurrency startups like Binance, Nexo, and Gemini in the past to create payment cards that can be used to buy cryptocurrency.
Despite the fact that the industry is being closely observed by regulators and banks, the president of Mastercard’s crypto and blockchain division stated that the company aims to collaborate with various crypto startups in order to build its crypto payment card program.
According to speculations, Mastercard has already formed arrangements with a number of cryptocurrency exchanges, including Binance, Nexo, and Gemini, to begin offering cryptocurrency payment cards to users all around the world.
Users of these cryptocurrency payment cards will be able to make traditional currency payments while having their cryptocurrency wallets debited.
We have dozens of partners around the world who offer crypto card programs, and they continue to grow, says Raj Dhamodharan, Mastercard’s head of cryptocurrency and blockchain.
Access to cryptocurrency in a secure manner is also part of our value proposition, and we will continue to do so, he added.
In an era when users are losing trust in cryptocurrency exchanges and companies, particularly as a result of two major incidents, Mastercard’s hasty expansion of its crypto card is welcome news for the industry.
These incidents include the collapse of the large cryptocurrency business “FTX” and the Silicon Valley Bank, both of which were viewed as “lifelines” for cryptocurrency investors.
Mastercard was recently questioned if it would set a limit on the amount of money that may be transmitted to bitcoin exchanges via its network. “We’re not here to pick winners,” said the company’s head of blockchain and cryptocurrencies. We are not here to decide whether or not a transaction should proceed.
Dhamodharan went on to say that Mastercard is subjected to numerous compliance checks to back up his assertion.
