Mastercard has collaborated with various cryptocurrency firms like Binance, Nexo, and Gemini to introduce payment cards linked to crypto.
The head of crypto and blockchain at Mastercard has divulged plans to broaden the company’s crypto payment card initiative by forming partnerships with numerous crypto companies, despite increased scrutiny from regulators and financial institutions.
Reports have surfaced that Mastercard has already joined forces with several crypto exchanges such as Binance, Nexo, and Gemini to introduce crypto payment cards in multiple countries.
These innovative payment cards enable users to conduct transactions in their local currencies, with the amount deducted from their crypto wallets.
Raj Dhamodharan, Mastercard’s head of crypto and blockchain, stated, “We have numerous global partners offering crypto card programs, and they are continually expanding.” He further added, “Ensuring secure access to crypto is a key aspect of our value proposition, and we are committed to delivering on that promise.”
Mastercard’s swift expansion of its crypto card program signals a positive development for the crypto industry, especially as users are becoming increasingly wary of crypto exchanges and companies, notably following two significant incidents.
These incidents involve the collapse of major crypto firm ‘FTX’ followed by the downfall of Silicon Valley Bank, which played a crucial role as a financial support system for crypto investors.
In a recent inquiry, Mastercard was prompted about the possibility of imposing limitations on the amount of money permitted to be transferred to crypto exchanges using its network. Responding to this query, the company’s head of crypto and blockchain clarified, “Our stance is not to play favorites. We do not arbitrate which transactions are permissible.”
Reiterating his remarks, Dhamodharan emphasized that Mastercard adheres to a rigorous set of compliance protocols.
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