Mastercard Enhances Crypto Card Program with Its Partners

Mastercard, a global technology company in the payments industry, announced on Tuesday that it will make enhancement to its Crypto Card Program for cryptocurrency wallets and exchanges, with the aim to make it simpler for partners to convert cryptocurrency to traditional fiat currency.

According to the official press release, working with Evolve Bank & Trust and Paxos Trust Company and Circle, Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.

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Mastercard is in discussions with Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, Uphold and BitPay to provide real-time crypto wallet technology, and i2c Inc., Apto Payments and Galileo Financial Technologies® to support processing and program management.

With this enhancement, Paxos and Circle will use their platforms to facilitate the conversion of crypto to fiat through fiat-backed stablecoins, a class of cryptocurrency that offers price stability and is backed by reserve assets. Making the process simpler will allow more banks and crypto partners the opportunity to offer their consumers the choice of paying with cryptocurrency.

Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, commented: “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Through our engagement with Evolve, Paxos, Circle and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”