Mastercard plans further cryptocurrency expansion

Gemini, Nexo, Bitso, Lulu Exchange, Bybit, and Binance are just a few of the places where you can get a Mastercard debit card. Mastercard plans further cryptocurrency expansion

To further develop its cryptocurrency payment card product, payment infrastructure firm Mastercard is actively seeking new partnerships with crypto businesses.

On April 28th, Reuters reported that Raj Dhamodharan, the company’s head of crypto and blockchain, made the announcement.

As Dhamodharan put it:

Every day, the number of our global partners who issue crypto card programs grows by the hundreds. As part of our value proposition, we have been, and will continue to be, a provider of secure crypto access.

Gemini, Nexo, Bitso, Lulu Exchange, Bybit, and Binance are just a few of the places where you can get a Mastercard debit card if you trade cryptocurrencies with them.

Mastercard’s ties to the cryptocurrency community extend beyond its payment card offerings to include Coinbase and Bakkt, among others. Visa and American Express, two other big card providers, have also formed partnerships with cryptocurrency companies.

Mastercard plans further cryptocurrency expansion

Meanwhile, it appears that traditional financial institutions’ interest in such partnerships has diminished in light of recent regulatory scrutiny. Several cryptocurrency companies are having difficulty securing banking partnerships at present.

Corporations like Visa and American Express, which were vocal supporters of cryptocurrency as recently as 2021, have since gone silent.

American Amex reversed course on a plan to allow members to redeem points in cryptocurrency. Visa also ended its agreement to provide credit cards to the bankrupt FTX exchange. Visa’s head of crypto, Cuy Sheffield, is adamant that the company will keep working with the cryptocurrency industry to develop new products.

The success of Mastercard persists

Mastercard seems to be seeing a window of opportunity among all this. Dhamodharan said that the company believes strongly in the potential of blockchain technology.

Mastercard continues to grow in the cryptocurrency industry even as its rivals retreat. Polygon (MATIC) hosted the debut of the “Mastercard Artist Accelerator” in January. In February, it formed a partnership with Immersive.

ByHelen Osborne

An investor writer named Helen Osborne joined Criptobyte in 2019. She covers a wide range of investment subjects, such as ethical and sustainable investing (ESG), cryptocurrencies, mutual funds, health savings accounts (HSAs), and financial guidance. She authored seven young adult nonfiction books and two books on identity theft before to working at Criptobyte. The Associated Press, MSN, Yahoo Finance, and MarketWatch have all published her work.

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