Mastercard has announced that it will improve its cryptocurrency wallet and exchange card program to make it easier for partners to convert cryptocurrencies into traditional fiat currencies.
Mastercard and its partners will test this new capability to enable more banks and cryptocurrency companies to have a card option for people who want to spend their digital assets anywhere Mastercard is accepted.
These partners include Evolve Bank and Trust and Paxos Trust Company, the leading blockchain infrastructure and regulated platform for issuing stablecoin, and Circle, a global fintech company and the leading operator of USD Coin (USDC), a digital currency in Dollar or a stable currency.
“Today, not all cryptocurrency companies have the basic infrastructure to convert cryptocurrencies into traditional fiat currencies, and we're making it easier. Asset community looks forward to Mastercard delivering on our consumer choice promise to bring ion payment method and time options to people around the world.
"Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard, said: The expansion of the Mastercard's existing crypto card program includes a number of partners:
Mastercard is in discussions with Evolve Bank and 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 assist program.