BUSINESS | Jul 20, 2021 | WOZINGA NEWS
Mastercard's Crypto Card Program: Easy conversion for cryptocurrency to fiat
- Crypto Card Program is to simplify crypto-to-fiat conversion with a low-cost transaction fee.
- Mastecard stated that it would allow more banks and crypto firms to provide crypto payment options.
By Marielle Petere Wozinga Journalist
Mastercard publicized its simplified card program for digital currency exchanges and wallets for crypto-to-fiat conversion.
Today, Business Wire published Mastercard’s new project to help cryptocurrency firms in offering card programs. It pointed out the purpose of the enhancement.
In addition, the report explained about examining the capability to allow several banks and crypto firms to use a card option. Through this way, consumers could spend their digital assets using Mastercard’s program with a low-cost transaction fee.
Enhancement of Crypto Card Program
For this program, Raj Dhamodharan is the EVP of digital assets and blockchain products at Mastercard. He explained why they work on the simplified digital currency to traditional currency conversion.
“Today, not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency,” Dhamodharan said. It is the reason why Mastercard and its partners make it easier.
To enable the crypto conversion, Paxos and Circle will utilize the Crypto Card Program in their platforms via fiat-backed stablecoins. Speaking of fiat-backed stablecoins, it means a type of digital currency backed by reserve assets like the U.S dollar.
Besides, Mastercard pointed out that it would allow more banks and crypto firms to provide crypto payment options. According to the report, the digital payment firm considered this as a step to expand the future of cryptocurrency payments.
Mastercard and its partners
Right now, the digital payment firm collaborates with Circle, Evolve Bank & Trust, and Paxos Trust Company. Other partners are Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc., and Galileo Financial Technologies.
Moreover, the executives of all involved firms expressed their excitement for the Crypto Card Program. Business Wire quoted their statements, such as the comment of BitPay CEO Stephen Pair.
He said, “BitPay believes the future of payments is on the blockchain because it transforms how consumers send, receive, and store money around the world.”