Mastercard is taking a very important step for the cryptocurrency industry, covering 14 coins including Bitcoin, Ethereum, XRP, Cardano. This important development takes place in cooperation with Binance.
Mastercard is preparing to partner with the global cryptocurrency exchange Binance. Through this partnership, it will issue crypto money payment cards to its customers. Like many payment brands, Mastercard continues to show interest in cryptocurrencies. Despite the ongoing crypto winter, the adoption rate of cryptocurrencies has increased recently. This step of Mastercard will take the adoption in this field to the next level.
Forbes, the leading media company, announced this development regarding Binance and Mastercard. Cryptocurrency payment cards will be issued with the partnership between the two companies. This card is planned to support 14 cryptocurrencies. Among these 14 coins are USDT, BTC, BNB, ETH, ADA, XRP and others.
These cards will be linked to the user's Binance account. When the customer uses the card, payments for goods and services will be withdrawn from the user's Binance crypto assets. These cards can be used at all Mastercard accepted points around the world. In total, 90 million points accept Mastercard for payments.
When the user makes a payment, the cryptocurrency they choose will be converted to fiat money. Mastercard and Binance announced that the pilot tests of the card will be held in Argentina. Then it can cover other countries as well. Making a statement on the subject, Mastercard CEO Michael Miebach says:
“We can unlock the full potential of blockchain technology when we make it easier to access and use.”
These new developments are not the first step Mastercard has taken in the cryptocurrency industry. As early as April, cryptocurrency exchange Gemini also launched a crypto credit card in partnership with Mastercard. Several other cryptocurrency exchanges have also partnered with Visa to launch crypto cards. These cards include the Coinbase VISA card, the Crypto.com VISA card, and the Binance VISA card.