Mastercard Eyes Expansion into Crypto with New Payment Cards

• Mastercard is partnering with crypto entities to expand its cryptocurrency payment card offering.
• Several major card issuers, such as Visa and American Express, also have some collaborations with crypto firms.
• Traditional financial institutions’ appetite for such partnerships has decreased due to recent regulatory scrutiny.

Mastercard Eyes 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.

Crypto Cards Offered By Mastercard

Mastercard offers cryptocurrency debit cards for several entities, including Gemini, Nexo, Bitso, Lulu Exchange, Bybit, and Binance. 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 Reduces 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 Aim To Thaw Traditional Financial Firms’ Appetite For Crypto

Some companies are attempting to thaw traditional financial firms’ appetites for crypto initiatives by introducing measures that protect customer funds while still allowing them access to mainstream payments rails.

Conclusion

Despite the recent regulatory uncertainty surrounding cryptocurrencies and the difficulty in finding banking partners , Mastercard is keen on expanding its offerings by forging new partnerships in the space .