MasterCard simplifies the process of converting cryptocurrencies into traditional currencies for partners and expands the program for servicing cryptocurrency cards.
Previously, MasterCard partners planning to issue cryptocurrency cards or expand card programs could face difficulties during conversion operations. This was a critical issue for crypto card holders when making payments through MasterCard.
MasterCard’s partnerships with Evolve, Paxos and Circle address this industry challenge and provide cryptocurrency cardholders with the ability to spend their digital assets wherever MasterCard is accepted.
Thanks to innovations in the MasterCard Crypto Card Program, Paxos and Circle will use their platforms to convert cryptocurrencies to fiat using fiat-backed stablecoins.
Raj Dhamodharan, Executive Vice President of Digital Assets, Blockchain Technology and Partnerships at MasterCard, commented:
“Today, not all crypto companies have the basic infrastructure to convert cryptocurrencies to traditional fiat currencies. We make it easy with our collaboration with Evolve, Paxos and Circle. MasterCard looks forward to delivering on its promise of consumer choice and providing people around the world with options on how and when to pay. ”
MasterCard is the operator of one of the largest payment systems in the world. The number of transactions in this payment system exceeds 22 billion per year.