MasterCard Seeks Out Partners for Cryptocurrency Cards

July 23, 2020, by Maayan
Credit card giant MasterCard is working with crypto companies and allowing them to issue their own payment cards.

MasterCard says that it is expanding its crypto partnership program, which will allow crypto companies to issue their own payment cards.

This will in turn allow customers to hold Bitcoin on a standard payment card and spend it at locations that accept those cards.

Wirex is one of the first partners to receive MasterCard’s principal membership license. This status enables Wirex to “issue payment cards directly to consumers, making it easier for people to buy, hold and exchange multiple traditional and cryptocurrencies.”

MasterCard has also worked with other companies in the past, and there are at least nine other MasterCard-powered crypto cards right now.

Bitcoin Goes Mainstream

MasterCard’s announcement comes just after PayPal’s apparent decision to offer crypto buying and selling. It also follows Visa’s long-standing partnership with several other crypto companies.

Recognition from MasterCard and other mainstream payment companies could attract attention to Bitcoin. However, the idea is controversial, as those payment companies could freeze transactions and suspend users.

Bitcoin investors who want total control over their own crypto should rely on non-custodial crypto wallets, such as Bitcoin Core.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.