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- Mastercard’s expansion in crypto-linked projects is not new, the company generally appreciates crypto-related businesses.
- As per the recent report states, Mastercard will actively work towards the crypto-linked companies and blockchain technologies.
Mastercard, the financial services company, will work towards the expansion of its cryptocurrency payment card programme. As Reuters reported, Mastercard’s head of crypto and blockchain said that his company is seeking more partnership with crypto firms amid the industry coming under closer scrutiny from regulators.
Mastercard’s Crypto-linked Business
The financial services company, Mastercard has already teamed-up with some of the leading crypto exchanges such as Nexo and Gemini. This collaboration of these companies offer crypto-related payment cards in some countries.
Raj Dhamodharan, the head of crypto and blockchain of Mastercard, said in the report on April 27 that his company has “dozens of partners all around the world who offer crypto card programmes and continue to expand.” He further said that as a part of their “value proposition,” they are providing access to crypto in a safe way and his company is continuing that.
Meanwhile, the banks are quite alert of crypto clients as a number of leading crypto firms collapsed in the previous year. Out of which, the collapse of FTX was the biggest surprise for many of the crypto insiders. Still, the U.S. regulators are highly cracking down on what they say is a “lack of compliance” in the market.
Moreover, Santander and NatWest are some banks which limit the amount of money for U.K. customers who can transfer to cryptocurrency exchanges. This restriction by banks is an important step by banks to protect the consumers from any kind of fraud.
It must be noted that the biggest rival of Mastercard, Visa, ended its global credit card agreement with FTX in November 2022. On the other hand, American Express, also said in February that “it did not see crypto replacing its main payment and lending services in the near term.” However, in 2021 American Express said that “it would consider using crypto as a possible option to redeem reward points.”
Dhamodharan also shared his opinion while asked about if his company is considering “imposing restrictions on the amount of money that could be transferred to crypto exchanges using its payment network,” he said that they are not here “to pick winners.” According to him, the Mastercard’s users generally go through a number of compliance checks. Which meant that the company has wisely spent in crypto analytics technology, as he added.
About Mastercard, Dhamodharan said that the company is “really quite enthusiastic,” for the underlying blockchain technology that empowers cryptocurrencies. As he thinks “more and more regulated money will come to this.”
Mastercard Crypto Credential
Recently, Mastercard further shared about its new Web3 solution “Mastercard Crypto Credential.” It is aimed to boost the user verification standards and also reduce the opportunities for bad actors in the crypto space.
According to Mastercard, the Mastercard Crypto Credential has several use cases to unlock for both the consumers and businesses.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
