• Mastercard is seeking more partnerships with crypto entities to expand its cryptocurrency payment card offering.
• Mastercard offers cryptocurrency debit cards for several entities, including Gemini, Nexo, Bitso, Lulu Exchange, Bybit and Binance.
• Traditional financial firms’ appetite for crypto has been reduced due to regulatory scrutiny.
Mastercard Eyes More Crypto Expansion Moves
Crypto Card Programmes Expanding
Payments infrastructure company Mastercard is seeking more partnerships with crypto entities to expand its cryptocurrency payment card offering. According to Reuters, the company’s head of crypto and blockchain, Raj Dhamodharan, said „We have dozens of partners around the world who offer crypto card programmes and they continue to expand.“ Mastercard currently provides access to cryptocurrency through debit cards from entities such as Gemini, Nexo, Bitso, Lulu Exchange, Bybit and Binance.
Traditional Financial Firms‘ Appetite Reduced
The recent regulatory scrutiny has caused traditional financial institutions‘ appetite for such partnerships to decrease. As a result of this regulation-related issue in the sector of cryptocurrencies and digital assets many companies are struggling to find banking partners. However some major players like Visa and American Express have managed to collaborate with various crypto firms like Coinbase and Bakkt on certain projects regarding cryptocurrencies.
MasterCard Adds Support For Cryptos
In order to provide access to cryptos in a safe manner MasterCard has added support for them by implementing various services like cryptocurrency debit cards and other facilities that come along with it like secure payments etc. This move comes after the increasing demand for cryptocurrencies in the market which started back in 2017 when Bitcoin’s price hit an all-time high above $20K USD per coin at the time.
Conclusion
Overall this article explains that MasterCard is looking forward towards expanding its service by partnering up with different cryptographic organizations so they can provide their customers better access regarding cryptocurrencies and digital assets while keeping their security as top priority over everything else which is essential as investors would be looking out for platforms that guarantee proper security when dealing with cryptos or any other digital asset or currency related activities altogether.