Summary
- Mastercard is looking to expand its cryptocurrency payment card offerings through partnerships with crypto entities.
- The company currently offers debit cards for entities like Gemini, Nexo, Bitso, Lulu Exchange, Bybit, and Binance.
- Other major card issuers such as Visa and American Express also have some collaborations with crypto firms.
Mastercard Eyes More Crypto Expansion Moves
Payments infrastructure company Mastercard is seeking more partnerships with crypto entities to expand its cryptocurrency payment card offering. Reuters reported that the company’s head of crypto and blockchain, Raj Dhamodharan, disclosed this on April 28.
Current Payment Card Offerings
Dhamodharan said: “We have dozens of partners around the world who offer crypto card programs and they continue to expand. Providing access to crypto in a safe way is also part of our value proposition and we’re continuing to do that.” Mastercard offers cryptocurrency debit cards for several entities including Gemini, Nexo, Bitso, Lulu Exchange, Bybit and Binance.
Other Major Card Issuers Involved in CryptoRegulatory Scrutiny Impacts Traditional Financial Institutions‘ Appetite for Partnerships
> Meanwhile the recent regulatory scrutiny appears to have reduced traditional financial institutions’ appetite for such partnerships. Several crypto firms are currently facing difficulties when it comes to finding banking solutions due to the uncertain regulatory environment.
Conclusion
> Despite this Mastercard continues to seek more partnerships in order to further develop their cryptocurrency payment system offerings as well as provide access to cryptocurrencies in a safe manner.