MasterCard Joins The Cryptocurrency Revolution - MalkamDior.com

Like Visa, MasterCard joins the cryptocurrency movement - MalkamDior. 

After Visa publicly announced they bought a CryptoPunk, Mastercard wants in on the action. They recently acquired a firm that analyzes blockchain looking for specific activity. Their goal is to make sure it is trusted, safe, and easy to use for consumers.

What Kind Of Cryptocurrency Does Mastercard Use?

With this modified Mastercard Crypto Card Program, Paxos and Circle will use their platforms to facilitate the conversion of crypto to fiat through fiat-backed stablecoins, a class of cryptocurrency that offers price stability and is backed by reserve assets.

Now, the company has taken huge strides towards blockchain, what several people have termed “the future of money.” Currently, Mastercard holds up to 30 Blockchain related patents including an identity verification patent, a patent for anonymous transactions and a system that links cryptocurrency with a fiat account.


Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, commented: 

“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Through our engagement with Evolve, Paxos, Circle and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”

The enhancement to Mastercard’s existing Crypto Card Program includes a suite of partners. Mastercard is in discussions with Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, Uphold and BitPay to provide real-time crypto wallet technology, and i2c Inc.Apto Payments and Galileo Financial Technologies® to support processing and program management.

With this enhancement to Mastercard’s Crypto Card Program, Paxos and Circle will use their platforms to facilitate the conversion of crypto to fiat through fiat-backed stablecoins, a class of cryptocurrency that offers price stability and is backed by reserve assets. Making the process simpler will allow more banks and crypto partners the opportunity to offer their consumers the choice of paying with cryptocurrency.


Mastercard Does Allow Cryptocurrency Purchases!

Subscribers are allowed to purchase crypto using a Visa or Mastercard credit card, but U.S. cardholders are subject to a 2.99% commission fee with a minimum purchase of $20.

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