Mastercard Formed Alliance to Simplify Crypto-to-fiat Conversion

By Jenny Aurora | July 21, 2021

US-based fintech behemoth Mastercard reportedly disclosed details of the revamping initiative for its crypto card program, making card offerings available for traditional banks and crypto entities. 

Specifically, this initiative was reportedly achieved via a freshly formed alliance between Mastercard and crypto establishments, to include “cryptocurrency wallets and exchanges”, in an attempt to provide simplified conversion of crypto to traditional fiat to partners. 

To enable crypto exposure for its users, the financial entity from New York is reportedly disclosing details of its collaborations with Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc., and Galileo Financial Technologies. 

The revised card program will reportedly assist Mastercard in taking advantage of its major payments ecosystem, to not only remove the friction between fiat and crypto but also to roll out numerous different choices for individuals keen on crypto. 

To help bring down the inherent volatility of cryptocurrency and its related conversion complications, Mastercard will reportedly tap into Circle’s dollar-pegged stable coin, USDC, for carrying out immediate conversions while conducting payment transfers. 

The initiative from Mastercard to deep-dive into the use of its traditional payments infrastructure throughout the crypto sphere could reportedly be a predictable move, for the individuals aware of Visa’s current efforts to start rolling out crypto debit cards. 

Visa reportedly has a goal of distributing a Bitcoin (BTC) debit card to people living in Australia, which also comes with the feature supporting transacting popular altcoins such as Ether (ETH), XRP, and Bitcoin Cash (BCH)

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