MasterCard's cryptocurrency card 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's also good news: global payment company MasterCard has announced the introduction of the Crypto Card initiative for its affiliated banks.
They will process cryptocurrency card transactions using their own software product, MasterCard Crypto Credential.
This step involves the introduction of an innovative financial instrument that will allow people to pay for purchases using crypto assets.
"With our new product, customers will be able to spend their cryptocurrencies as easily as traditional currency using regular cards. It's essentially a digital wallet integrated with the global payment infrastructure. Our goal is to empower customers, retailers, and businesses to manage their digital assets as they see fit. The choice is yours, and so is your money," commented Raj Dhamodharan, Head of Cryptocurrency and Blockchain at MasterCard.
A representative of the payment network also mentioned that the new feature will allow customers to independently top up their cards 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 the digital asset trading platform Gemini.
Initially, users will be able to make purchases using Bitcoin and Ethereum, with plans to expand the list of supported cryptocurrencies in the future. MasterCard has not yet disclosed the annual maintenance fee for these cards or the transaction fees.
It is expected 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 to this new product is that cryptocurrency cards, once issued, will only be linked to highly volatile cryptocurrencies like Bitcoin and Ethereum. It would be great if they were linked to a stablecoin , which would make these cards a truly popular payment method.
