Despite regulatory pressure and banks’ cautious approach to crypto companies, Mastercard aims to expand its card program that supports cryptocurrencies.
Mastercard has established debit card partnerships with crypto companies such as Binance, Nexo and Gemini exchange for use in countries that accept cryptocurrency payments. Raj Dhamodharan, Head of Crypto and Blockchain at Mastercard, said in an interview with Reuters yesterday that there are dozens of companies around the world that offer a crypto card program, with plans to further expand this partnership network.
The U.S. Commodity Futures Trading Commission took the compliance issue a step further and last month sued Binance, the market’s largest cryptocurrency exchange, for illegal activities and fraudulent transactions during the compliance process. Raj Dhamodharan declined to comment on the lawsuit filed against Binance during the interview, but stated that the card programs were initiated as a result of meticulous work and are constantly monitored. Stating that the Mastercard program has a series of compliance processes and users are controlled through this process, Mastercard Crypto and Blockchain President reminded that they invest in the underlying technology in the crypto industry.
Dhamodharan said that Mastercard is extremely keen on using Blockchain technology efficiently and that he believes the industry will continue to grow with the introduction of regulations.