Mastercard Will Support Some Cryptocurrencies in Its Network this Year
Mastercard revealed today that it is planning to offer support for some cryptocurrencies on its network. The company said it is seeing more people using cards to buy crypto assets, especially during Bitcoin’s recent surge in value. There are also a couple of crypto cards that are expected to hit the market from companies such as BlockFi and Gemini.
“We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network,” Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships, said in a post. “We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance.”
But he cautioned that “Mastercard isn’t here to recommend you start using cryptocurrencies.” But if you decide to purchase or move crypto assets, Mastercard will let you do so. Mastercard will not support all of today’s cryptocurrencies. While stablecoins are more regulated and reliable than in the recent past, many of the hundreds of digital assets in circulation still need to tighten their compliance measures to meet Mastercard’s requirements. So don’t expect Dogecoin to be included.
Mastercard is actively engaging with several major central banks around the world, as they plan to launch new digital currencies, to offer their citizens a new way to pay. The company also created a test platform for these banks to use these currencies in a simulated environment. Mastercard currently has 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide.