Mastercard’s latest partnership to help banks distribute crypto cards

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US fintech giant Mastercard has announced plans to revamp its crypto card program, to allow traditional banks and crypto companies to offer cards to its users to transact with digital assets.

According to the official statement:

Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option for people who want to spend their digital assets wherever Mastercard is accepted.

This effort involves Mastercard partnering with crypto companies to involve cryptocurrency wallets and exchanges, making it easier for partners to convert cryptocurrency into traditional fiat currency.

To enable cryptocurrency exposure for its users, the New York-based financial institution publicly announced new partnerships with Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc. and Galileo Financial Technologies.

The revised card program will help Mastercard use its massive payment network not only to remove friction between fiat and crypto, but also to provide more alternatives for users interested in using cryptocurrency.

To help reduce cryptocurrency’s inherent volatility and associated conversion complications, Mastercard will leverage Circle’s dollar-linked stable USD Coin (USDC) for instant conversions when initiating transfers. of payment.

Related: Visa Approves Bitcoin Spending Card For Australian Startup CryptoSpend

Mastercard’s decision to explore the use of its traditional payment infrastructure within the crypto space may not come as a surprise to those familiar with Visa’s current trend of offering crypto debit cards.

As Cointelegraph previously reported, Visa intends to distribute a Bitcoin Debit Card (BTC) to Australian citizens who will also be able to process oppopular altcoins such as Ether (ETH), XRP, and Bitcoin Cash (BCH).

Related: Cash or Plastic? Countries where crypto debit cards are a fair game

Cointelegraph research last year highlighted the rise of crypto debit cards and identified the various options available to the general public.

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