• Mastercard is looking to partner with more crypto entities to expand its cryptocurrency debit card offering
• Current partners include Gemini, Nexo, Bitso, Lulu Exchange, Bybit and Binance
• Traditional financial firms’ appetite for crypto appears to have been reduced due to regulatory scrutiny
Mastercard Eyes Increased Crypto Expansion Moves
Payments infrastructure company Mastercard is seeking more partnerships with crypto entities to expand its cryptocurrency payment card offering. Reuters reported that the company’s head of crypto and blockchain, Raj Dhamodharan, disclosed this on April 28.
Current Crypto Card Programmes
Dhamodharan said: “We have dozens of partners around the world who offer crypto card programmes and they continue to expand. Providing access to crypto in a safe way is also part of our value proposition and we’re continuing to do that.” Mastercard offers cryptocurrency debit cards for several entities, including Gemini, Nexo, Bitso, Lulu Exchange, Bybit, and Binance.
Collaborations With Other Crypto Entities
Beyond cryptocurrency payment cards, Mastercard also has relationships with other crypto entities like Coinbase and Bakkt. Other major card issuers such as Visa and American Express also have some collaborations with crypto firms.
Regulatory Scrutiny Reducing Appetite For Crypto Partnerships?
The recent regulatory scrutiny appears to have reduced traditional financial institutions’ appetite for such partnerships. Several crypto firms are currently struggling to find banking partners. Companies such as Ripple are currently involved in legal battles over their status as security or non-security assets by US regulators.
Despite the challenges posed by regulatory scrutiny in the U.S., Mastercard is still exploring ways it can work with cryptos entities in order to provide customers with easier access to digital assets. It remains unclear if those efforts will be successful but there’s no denying that increased collaboration between traditional finance companies and cryptos could be beneficial for both sides moving forward.