Cryptocurrency card from MasterCard is coming soon

We all remember with nostalgia the cryptocurrency card from the Binance exchange, which allowed us to instantly pay with digital money.

 But over time, this project was closed, and more worthy options for cryptocurrency cards never appeared.

But there is also good news, the global payment organization MasterCard announced the introduction of the Crypto Card initiative for its affiliated banks.

They will process transactions with cryptocurrency cards using the MasterCard Crypto Credential software product they developed.

This step involves the introduction of an innovative financial instrument that will make it possible to pay for purchases using crypto-assets.

The innovation will connect users’ cryptocurrency wallets with the MasterCard system, which will allow owners of digital assets to pay for goods and services anywhere in the world where cards from this payment network are accepted.

“With our new product, customers will be able to spend their cryptocurrencies as easily as traditional money using regular cards. It is essentially a digital wallet integrated with the global payment infrastructure. Our goal is to empower customers, retailers and businesses to manage their digital media as they see fit. The choice is yours, and so is your money,” commented Raj Dhamodharan, head of cryptocurrency and blockchain at MasterCard.

The representative of the payment network also mentioned that the new function will allow customers to independently replenish the card and manage their cryptocurrency funds.

The Crypto Card program will be implemented with the support of Tap Global, a company specializing in cryptocurrency services, crypto-lending organization Nexo and digital asset trading platform Gemini.

At the beginning of the project, users will be able to make purchases using Bitcoin and Ethereum, and in the future it is planned to expand the list of supported crypto-assets. MasterCard has not yet disclosed information about the cost of annual maintenance of such cards and the size of transaction fees.

It is assumed that when using crypto cards from MasterCard, the commission for exchanging cryptocurrencies for regular currencies will be several times lower than at existing exchange offices.

The only drawback of using the new product is that cryptocurrency cards, after release, will be tied only to highly volatile cryptocurrencies such as Bitcoin and Ethereum. I would like there to be a link to one of the stablecoins , then these cards would turn into a truly popular means of payment.