Payment giant Mastercard is expanding its services to cryptocurrency companies by making it easier to convert cryptos to fiat currencies.
Mastercard will enhance its card program for crypto entities
Mastercard announced earlier today that it would be enhancing its card program for cryptocurrency exchanges and wallets. In its press release, Mastercard said, “it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency.”
Mastercard will be working with Evolve Bank & Trust and Paxos Trust Company, the top blockchain infrastructure and regulated stablecoin issuance platform. The partnership also involves Circle, the issuer of the USD Coin (USDC) stablecoin.
The payment company said it would be working with the partners to test this new feature, allowing more banks and crypto companies to offer a card option to customers who wish to spend their cryptocurrencies anywhere Mastercard is accepted.
Mastercard to make it easier to convert crypto to fiat
The payment giant said it is working to ensure it is easy for people to convert cryptocurrencies to fiat currencies. Raj Dhamodharan, Mastercard’s of digital asset and blockchain products executive, said
“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.”
Mastercard’s competitor, Visa, is already active in the cryptocurrency space, with its cards such as the Coinbase Card already used by thousands of users globally.