HARRISON (dpa-AFX) - Financial services company Mastercard Inc. (MA) said on Tuesday that it would upgrade its card program for cryptocurrency wallets and exchanges, thus making it easier for its partners to change cryptocurrency to traditional fiat currency.
For this upgrade, Mastercard is partnering with Evolve Bank & Trust and Paxos Trust Co., a blockchain infrastructure and regulated stablecoin issuance platform. It is also working with financial technology firm, Circle, which is the main operator of the dollar digital currency USD Coin or USDC for this purpose.
As per the upgrade program, Mastercard and its partners will work with this new capability to aid more banks and crypto companies in offering a card option to people wanting to spend wherever Mastercard is accepted. Earlier, cryptocurrency like Bitcoin, Bitcoin Cash, Ether, or Litecoin, would be converted to traditional fiat currency like the U.S dollar in Mastercard's network and this would often prove to be a challenge for crypto providers with plans to launch or expand card programs. This is where Mastercard's new upgrade turns out to be the gamechanger for crypto providers.
In February this year, the company had announced that it was preparing to bring on certain stablecoins directly on its network, thus tapping into the potential of digital assets and payments. The latest announcement improves the experience for cryptocurrency and is an important step forward in the future of crypto payments.
Copyright RTT News/dpa-AFX
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