MasterCard Announces Plans to Support Crypto on its network

By: Michael Wilson

February 11, 2021 9:53 AM

Financial giant MasterCard is set to open crypto to it's one billion users, An opening to spend cryptocurrencies at more that 30 million merchants.
 

MasterCard announced its plans to support cryptocurrencies, although at this point there is no mention as to which coins will be supported on it's network.

The firm who's plan to support digital currencies will open crypto to it's one billion users, Mastercard believes this may create a way for merchants to build loyalty with new and existing customers.

"Choice matters", As MasterCard Claims it isn’t here to recommend users to start using crypto. Instead, they are here to enable customers, merchants and businesses to move digital value”

The global financial giant, hinted on it's plan to support stablecoins die to their " security and reliability," they declined to name any specific cryptocurrencies it will support.

A list of criteria were stated by the global payment giant which will be used in assessing future assets to be supported includes: strict KYC compliance, adherence to local laws and regulations, consumer privacy and security, and stability as a means of payment.

However, MasterCard noted it has been “actively engaging with various major central banks around the world” in a bid to support central bank digital currency (CBDC) initiatives.

Rising Cryptocurrency Adoption
MasterCard is the latest to announce its support for cryptocurrencies following VISA who reaffirmed its commitment in supporting crypto payments. Chairman and CEO of Visa AI Kelly stated during it's first quarter earnings call.

It's barely over a week PayPal doubled down on cryptocurrency affirming that it will offer crypto payments to its 26 million merchants after its limited crypto trading services “exceeded its expectations.”