Mastercard will update its existing card programme for cryptocurrency wallets and exchanges by making it simpler for partners to convert digital assets to traditional fiat currency.
The company is working with Evolve Bank & Trust and Paxos Trust Company, the blockchain infrastructure and regulated stablecoin issuance platform, and Circle, a global financial technology firm and the principal operator of the USD Coin (USDC), a dollar digital currency or stablecoin.
Mastercard and its partners will test the new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets.
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.
Paxos and Circle will use their platforms to facilitate the conversion of crypto to fiat through fiat-backed stablecoins.
“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier,” said Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard. “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.”
Latest News
-
Goldman Sachs and DBS complete ‘first-ever’ interbank over-the-counter crypto options trade
-
Ubank expands passkeys to online banking in ‘Australia-first’
-
Monzo appoints Diana Layfield as group CEO as listing preparations accelerate
-
Coinbase partners with Tink to launch Pay by Bank crypto payments in Germany
-
PayPal to bring its wallet and merchant network to ChatGPT in 2026
-
Tandem offsets 100% of 2024 carbon emissions through credit purchase
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories