Payment Giant Mastercard to Support Cryptocurrency Soon

Payment giant Mastercard revealed in a blog post that it would support crypto assets in the future. However, the company did not explain in a detail about how it will incorporate crypto.

New Announcement

Raj Dhamodharan, the head of digital payments at Mastercard, said in the blog post that the firm would start accepting certain digital assets this year. What’s more, it is working on dealing with crypto payments in the future.

In the past, the payment giant partnered with various financial giants, such as BitPay and Wirex, but the partnerships were about Bitcoin-powered debit card. The statement also explained that people purchased Bitcoin and other cryptocurrencies by using the Mastercard’s debit cards in the past. In its latest announcement, the payment firm has decided to incorporate digital assets directly in its payment channels.

However, it should be clear that Mastercard will deal with stablecoins only because these show stability. On the other hands, cryptocurrencies, such as Bitcoin, will not be added because Bitcoin is an investment and shows volatility. So, a few digital assets will be added.

It is also revealed that Mastercard has been involved in working with central banks in the creation of central bank digital currencies (CBDCs). In their work on the creation of new digital currencies, the company puts more focus on user compliance and protection, according to Dhamodharan.

PayPal gained superior position after allowing cryptocurrencies in its payment operations. Following the PayPal’s announcement, other payment firms, including Visa and Mastercard, started making significant efforts about crypto support.

It is also possible that Mastercard will expand partnerships with crypto-related companies or roll out its crypto product. The blog post did not elaborate about the company plans but it was true that it would add cryptocurrency in the future.

Bitcoin Gets Mainstream Recognition

Tesla has created a thunderstorm in the crypto space after investing $1.5 billion in the top digital currency-Bitcoin. It is also said that Tesla would allow people to buy cars with cryptocurreny in future.

After getting recognition from the world’s top tech and financial companies, the price value has reached close to $50,000 in a recent rally. Currently, Bitcoin is exchanging hands at $47,952% after an increase of 3.26% in the past 24-hours. Similarly, it is up 26.27% over the last seven days.

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