On the fine evening of April 28, Reuters reported that the cryptocurrency payment card program of Mastercard is about to expand indulging various crypto partnerships.
Mastercard Seeks Partnership With Several Crypto Exchanges
According to a Reuters report on April 28th, Mastercard’s cryptocurrency payment card program is expanding through partnerships with various crypto companies. Raj Dhamodharan, the head of crypto and blockchain at Mastercard, said that despite increased scrutiny from banks and regulators, they are committed to providing secure access to crypto as part of their value proposition. However, crypto investors are cautioned due to several bank collapses this year.
In relation to a violation of federal rules, Binance was sued and its CEO claimed that there were incomplete facts presented. Raj declined to comment on Binance specifically but stated that any card program undergoes full due diligence and continuous monitoring.
There have been questions about whether Mastercard has transaction restrictions to crypto exchanges under their payment service, but Raj stated that they are not here to pick winners or determine which transactions should occur.
Mastercard has already partnered with other crypto exchanges, such as Binance, Nexo, and Gemini, for their crypto card service. Raj expressed enthusiasm about the blockchain technology of cryptocurrencies, but emphasized that Mastercard conducts various compliance checks through its investment in crypto analytics technology.
Also, in the recent Consensus 2023, Mastercard teamed up with Polygon Labs, Aptos Labs, Solana Foundation, and Ava Labs to bring Mastercard Crypto Credential to the developers in the blockchain ecosystem. This collaboration will be helpful for Web3 environments and enhance NFT verification, and other payment solutions as well.
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