Mastercard expands partnerships for the crypto payment card program.
Already partnered with top crypto exchanges including Binance.
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. Raj Dhamodharan, the head of crypto and blockchain stated that this decision is taken irrespective of closer scrutiny in the industry from the banks and the regulators.
Furthermore, Raj continued that providing crypto access in a secure manner comes under their value proposition. Meanwhile, crypto investors are cautioned due to the collapse of several banks this year.
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As per the violation of the federal rules, Binance sued where the CEO of Binance raised that there was an incomplete recitation of facts. Meanwhile, Raj turned down the comment on Binance saying that any card program “goes through full due diligence” will be monitored continuously.
Questions aroused concerning whether Mastercard has money restrictions on transactions to crypto exchanges under their payment service. Raj answered,
“We’re not here to pick winners. We’re not here to pick which transaction should happen or shouldn’t happen.”
Moreover, Mastercard has partnered with other crypto exchanges already including Binance, Nexo, and Gemini. This is with respect to their crypto card service. Whereas, Raj added that Mastercard is completely enthusiastic about the blockchain technology of cryptocurrencies. However, the network of Mastercard reads various compliance checks as they invested 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.