Mastercard to Allow Cardholders to Transact in Cryptocurrencies

Bob Coiney

February 12, 2021

Mastercard will allow cardholders to do transactions using cryptocurrencies. It joins the latest barrage of companies integrating with cryptocurrency. 

A news publication on livemint claimed that Mastercard, a financial services firm, allows users to transact using specific cryptocurrencies. In doing so, they belong to a whole batch of firms to accept the digital currency. 

They have partnered with cryptocurrency firms like Wirex and BitPay to make this possible to happen. The financial services firm said in a blog post that they plan to induce crypto payments on their network. 

Bloomberg Markets provides you with breaking news and analysis on global financial markets had this to tweet on Mastercard allowing cardholders to transact using cryptocurrency. 

They also plan to launch the service to other parts of the world slowly with the central banks’ help. Raj Dhamodharan, who is the executive vice president of digital asset and blockchain products, revealed in a post. 

As of now, they have partnered with Wirex and BitPay. Using them, the services firm will want to remove inefficiencies. Their customers do not have to convert cash into bitcoin. Dhamodharan also added that they wish to directly change the support to digital assets so that merchants will not hesitate to accept crypto. 

The announcement is just a day after Tesla said they had invested $1.5 billion in bitcoin. Mastercard has teamed up with LVL, ensuring that the movement through their network will be smoothened. 

The partners can convert the cryptocurrencies into their currency and then use them on the network. This provides customers a sublime flow of the cryptocurrency without running anywhere around, as implied by Dhamodharan.

BNY Mellon plans to accept cryptocurrencies

America’s oldest bank, the Bank of New York Mellon Corp., is willing to accept cryptocurrency. The Bank of New York Mellon Corp will hold, issue, and transfer cryptocurrencies on behalf of its clients by the end of the year. 

Roman Regelman, who is the chief executive of BNY Mellon, said that digital assets are now becoming part of the digital business. This is in accordance with Wirex becoming the first native cryptocurrency platform for being granted a Mastercard principal membership.