Mastercard credit cards
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Mastercard has expanded its cryptocurrency program to make it easier for companies in the space to issue their own payment cards.
The company has signed an agreement with Wirex that makes the London-based startup the first “native” cryptocurrency platform to gain primary membership. That means Wirex can now issue cards directly on the Mastercard network.
“The cryptocurrency market continues to mature, and Mastercard is driving it, creating safe experiences for consumers and businesses in today’s digital economy,” said Raj Dhamodharan, Mastercard executive vice president for digital assets and blockchain products and partnerships.
“Our work with Wirex and the broader crypto ecosystem is accelerating innovation and giving consumers more options to pay.”
Mastercard will also bring more cryptocurrency companies to its startup initiative, Mastercard Accelerate.
‘Legitimization of cryptography’
The move highlights a deeper drive from one of the world’s largest financial services companies in the still-nascent cryptocurrency industry. However, it’s worth noting that cryptocurrency payment cards are not new.
Last year, Coinbase launched its own card in association with Visa, Mastercard’s main competitor. And the company recently became a primary member of Visa, allowing it to introduce more features with the card and launch it in new markets.
And Wirex, which was founded in 2014, also offered a Visa card before the Mastercard announcement. The firm’s app allows people to buy and sell bitcoin, ether, and other cryptocurrencies, as well as traditional currencies like the U.S. dollar and euro.
“This is less a watershed moment and more part of a broader, slower and more consistent legitimation of crypto as global regulators increasingly implement more systems and controls,” Simon Taylor, chief business officer at the consulting firm, told CNBC. financial technology 11: FS.
Mastercard and Visa have previously expressed interest in the crypto sector, especially by registering to become members of Facebook’s Libra digital currency project. But the two payment giants left Libra last year and turned cold after the initiative faced intense regulatory backlash.
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