Mastercard eyes more crypto expansion moves News ▸ US ▸ Technology
Mastercard eyes more crypto expansion moves
Mastercard offers cryptocurrency debit cards for several entities, including Gemini, Nexo, Bitso, Lulu Exchange, Bybit, and Binance.
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Updated: Apr. 28, 2023 at 7:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
Dhamodharan said:
“We have dozens of partners around the world who offer crypto card programmes 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.
Beyond cryptocurrency payment cards, Mastercard also has relationships with other crypto entities like Coinbase and Bakkt. Other major card issuers, such as Visa and American Express, also have some collaborations with crypto firms.
Is traditional financial firms’ appetite for crypto thawing?
Meanwhile, the recent regulatory scrutiny appears to have reduced traditional financial institutions’ appetite for such partnerships. Several crypto firms are currently struggling to find banking partners.
Companies such as Visa and American Express, enthusiastic about crypto in 2021, have become relatively quiet.
American Express walked back on its plan to use crypto as an option to redeem points. Visa also broke off its partnership with FTX to provide credit cards for the now-bankrupt exchange. However, Visa’s head of crypto, Cuy Sheffield, insists that it will continue to partner with crypto companies to build new products.
Mastercard remains strong
Amidst all these, Mastercard appears to be seeing an opportunity. Dhamodharan stated that the company is enthusiastic about the underlying blockchain technology.
While its competitors have pulled back on their involvement with crypto this year, Mastercard is still going strong. It launched the “Mastercard Artist Accelerator” on Polygon (MATIC) in January. It also partnered with Immersive in February.
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Mastercard
Mastercard is a leading global payments & technology company that connects consumers, businesses, merchants, and issuers and governments around the world.
Visa
Visa is an American multinational financial services corporation headquartered in Foster City, California, United States.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.