Mastercard to Expand Crypto Payment Card Program Through New Partnerships
According to the head of crypto and blockchain at Mastercard, the company is planning to extend its cryptocurrency payment card program by forming additional partnerships with crypto firms, despite the growing attention from regulators and banks' increasing caution towards the sector.
Because Bitcoin
April 28, 2023
Reuters reported that according to Raj Dhamodharan, Mastercard's head of crypto and blockchain, the company plans to expand its cryptocurrency payment card program by forming additional partnerships with crypto firms. Despite regulatory scrutiny, Mastercard has already partnered with several crypto exchanges, such as Binance, Gemini, and Nexo, to offer payment cards linked to cryptocurrencies in certain countries. Dhamodharan stated that the company's value proposition is providing secure access to cryptocurrency.
However, banks have become cautious about crypto customers, as several major crypto firms, such as FTX, have collapsed recently. US regulators are also cracking down on non-compliant practices in the crypto market. Some banks, such as Santander and NatWest, limit the amount of money customers can transfer to crypto exchanges to protect them from scams and fraud.
Nonetheless, Dhamodharan indicated that Mastercard is not considering imposing restrictions on the amount of money that can be transferred to crypto exchanges using its payments network. He added that Mastercard has invested in crypto analytics technology and believes that more regulated money will be invested in the underlying blockchain technology that powers cryptocurrencies.
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