Mastercard to update its cryptocurrency exchange card program by adopting payments in ‘stablecoins‘—A class of cryptocurrencies that is not very volatile because it relies on fiat currencies or raw materials—, as the US payment system announced on Tuesday in a release.
The new option that the company will offer has the support of nine partners and will simplify conversions between cryptocurrencies and traditional currencies in crypto exchanges and digital wallets.
The financial services multinational will test its new capacity so that more banks and crypto companies offer their clients the opportunity to to spend your digital assets anywhere Mastercard cards are accepted.
Partners include Paxos, a company specialized in cryptocurrency infrastructure, and Circle, a financial technology company and the main operator of the USD Coin, a ‘stablecoin’ pegged to the dollar.
Additionally, Mastercard is in discussions with Evolve Bank & Trust and Metropolitan Commercial Bank about the card issuance, with Uphold and BitPay on the provision of wallet technologies cryptography in real time, and in turn with i2c Inc., Apto Payments and Galileo Financial Technologies on supporting the prosecution and the management of programs.
“BitPay believes the future of payments is in the ‘blockchain‘because this technology transforms how consumers send, receive and store money around the world, “said Stephen Pair, co-founder and CEO of BitPay, referring to the underlying technology of many decentralized currencies.
Last February, Mastercard ad your plans for incorporate various cryptocurrencies handpicked directly into their system, joining a number of financial players that fueled the growth of the crypto market this year.
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