Wednesday, Aug 10, 2022
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MasterCard simplifies payments card offering for crypto firms

Mastercard-crypto_IF_Image
The firm is using the USDC stablecoin to make it easier for people to spend their cryptocurrency with its cards

In order to up its game in the cryptocurrency business, Mastercard announced that it will be simplifying the card offering that it provides to the crypto companies which users will be able to use more seamlessly while converting their fiat to crypto, according to media reports.

The firm will also have a tie up with Circle that operates the USDC stablecoin , Evolve Bank & Trust and Paxos Trust Company to simplify cryptocurrency conversions using stablecoins. This process will also allow more banks and companies to offer crypto cards going forward since the conversion to fiat is already being done.

At present, when people spend cryptocurrencies like Bitcoin, Ether or Litecoin, it’s to compulsory to enter and settle on Mastercard’s network as their fiat currency. Presently, this option is said to be one of the major operational barrier for crypto providers.

In February this year, Mastercard mentioned that they are working towards solving this problem by enabling stablecoins directly on its network, which will act as a bridge to simplify the process.

Raj Dhamodharan, EVP, digital asset and blockchain products & partnerships, Mastercard told the media, “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. 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.”

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