MasterCard is seeking new partnerships to meet the growing demand for crypto cards
announced Master Card mastercard (one of the leading payments companies in the financial industry) recently announced that it will expand its crypto payment card program, and the company is seeking to partner with new crypto companies, despite recent regulatory and banking scrutiny.
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The payments giant has partnered with several high-profile cryptocurrency exchanges, such as Binance AndGemini AndNexo, This allowed payment cards linked to cryptocurrencies to be introduced in a number of countries.
For his part, the head of the cryptography and blockchain department at MasterCard, Raj Dhamodharan:
“We have dozens of partners that offer cryptocurrency card programs around the world, and they continue to expand. Providing access to cryptocurrency securely is also part of our value proposition, and we continue to do that.”
All in all, this trend is an important development, as banks have become very wary of crypto clients. Especially after several major crypto companies collapsed in 2022, the largest of which was the cryptocurrency exchange FTX FTX.
At the same time, US regulators are actively cracking down on various crypto firms, with some of the biggest cases involving the US Commodity Futures Trading Commission suing an exchange. Binance in March, calling it an illegal exchange and that its compliance software was a bogus one.
On the other hand, some banks such as NNatWest AtWest AndSantanderby limiting how much customers in the UK could transfer to cryptocurrency exchanges, which many disliked, and felt that banks were deciding how to let them spend their money.
There appears to be a significant lack of common standards and trust in the financial industry, which in turn leads to a lack of proper protection, in addition to the emergence of weaknesses in security and compliance, which can be very harmful to the crypto industry.
That’s why the card issuer decided to launch Mastercard Crypto Credentialwhich will establish common standards and infrastructure, to help establish trusted interactions between companies that use it blockchainand between users.
A crypto card supported by MasterCard in Europe and the UK
communication Master Card Expanding coverage of its recently launched crypto cards in the UK and EU.
Where the card was launched by BybitIt is the third most visited cryptocurrency exchange in the world MasterCardallowing users to easily transition from cryptocurrency to the monetary world, making purchases, withdrawing cash from ATMs and more.
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In addition, consumers can avoid dealing with over-the-counter intermediaries and service providers, to pay for goods and services with their cryptocurrency holdings.