Mastercard to Offer Crypto Services

Bitcoin and Ethereum’s abilities in handling large transactions have always been in competition with the likes of Visa and Mastercard networks.

These networks were used as a comparison because of the extensive userbase held, and the vast amount of transactions handled each day.

Now, months before the highly anticipated Ethereum 2.0 merger, Mastercard has announced its interest in implementing crypto assets.

This is massive news for crypto enthusiasts as Mastercard has 2.8 billion payment cards in use. A cryptocurrency integration like this would mean those users would have access to digital currencies.

Currently, there are roughly 46 million people in the US who hold cryptocurrencies. With the recent talk of regulation changes, many have worried that this number could drop if the laws deny cryptocurrency as ‘user-friendly’.

An integration with Mastercard would add another huge layer of legitimacy to crypto-assets, and might just push regulations in favor of crypto wallet holders.

The biggest goal for cryptocurrency enthusiasts is to see Mastercard move its entire network onto one of the popular blockchains.

For years, these ideals have been rumored, yet nothing has come of it. 

Depending on the integration process, the option for purchasing crypto assets might become easier for the regular retail investor.

Having custody options through Mastercard will bring easier adoption over the standard crypto wallet methods.

Some major worldwide banks have handed out warnings to users who purchase crypto assets. Some have even frozen accounts for holding cryptocurrency.

The integration with Mastercard is also believed to allow for Bitcoin credit cards and debit cards which can help circumvent issues with some major banks.

Included in the integration is the ability for credit card holders to use their points to purchase Bitcoin. A great option for those who do not travel and see no usage in air miles. 

The payment network is partnering with Bakkt, a large exchange that will act as the behind-the-scenes asset manager and custodial services provider for the integration.

This announcement can lead to a plethora of opportunities as Mastercard has business relationships with 20,000 financial institutions globally. 

If Mastercard successfully makes the switch, the world could potentially see Visa also joining in with its own integration.

To have both Mastercard and Visa adopting cryptocurrency would be an incredible boost for financial institutions and worldwide availability.

Cryptocurrencies have already proven a powerful currency to the world today. To engage in Blockchain digital assets are already used as exchange tokens at many entertainment venues, and not least Bitcasino1xBit and FortuneJack.

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Updated: 10/27/2021 — 17:00