American fintech giant Mastercard has announced plans to revamp its crypto card program, to enable traditional banks and crypto companies to offer cards to its users for transacting with digital assets.
According to the official statement:
“Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.”
This effort involves Mastercard partnering with crypto businesses to involve “cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency.”
To allow exposure to cryptocurrency for its users, the New York-based financial institution has publicly announced fresh partnerships with Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc. and Galileo Financial Technologies.
The revised card program will help Mastercard utilize its massive payments network to not only take away the friction between fiat and crypto but also to provide more alternatives for users