mastercard crypto

Mastercard Adds Crypto Consulting Service in Latest Effort to Boost Cryptocurrency Adoption

17/02/2022 by Idelto Editor

Payments giant Mastercard is expanding its payments-focused consulting service to include cryptocurrency. It covers “a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.”

Mastercard’s Crypto Consulting Service

Mastercard announced Tuesday the expansion of its payments-focused consulting service. Among the new practices is one dedicated to “crypto & digital currencies,” the company wrote.

Noting that it is “helping banks navigate the adoption of digital currencies,” the payments giant detailed:

Mastercard’s consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.

“Mastercard has curated partnerships with digitally native firms that offer best-of-breed solutions in cryptocurrencies,” the company added.

Moreover, the payments company “has helped fintechs expand into new markets, working through go-to-market planning and commercialization strategies.”

Mastercard began bringing crypto onto its network in February last year. The company is focusing on developing products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).

In January, Mastercard partnered with cryptocurrency exchange Coinbase to make non-fungible tokens (NFTs) more accessible to everyone. Customers will be able to use their Mastercard cards to make purchases on Coinbase’s coming NFT marketplace.

What do you think about Mastercard’s crypto efforts? Let us know in the comments section below.

Mastercard Launches Crypto-Linked Payment Cards for Asia-Pacific Region

10/11/2021 by Idelto Editor

Mastercard Launches First Crypto-Linked Payment Cards for Asia-Pacific Region

Payments giant Mastercard is launching crypto-linked payment cards for the Asia-Pacific region in partnership with three crypto service providers. “For the first time, consumers and businesses in the Asia Pacific region will be able to apply for crypto-linked Mastercard credit, debit, or prepaid cards,” Mastercard said.

First Crypto-Linked Mastercards in Asia-Pacific Region

Mastercard announced Monday that it has partnered with three crypto service providers across the Asia-Pacific region “to launch the region’s first crypto-linked payment cards.”

The three partners are Amber Group, Bitkub in Thailand, and Coinjar in Australia. All three companies offer cryptocurrency exchange services in their respective domestic markets. In partnership with Mastercard, they “will be launching crypto-funded Mastercard payment cards,” the announcement notes, adding:

For the first time, consumers and businesses in the Asia Pacific region will be able to apply for crypto-linked Mastercard credit, debit or prepaid cards.

The cards “will enable them to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.”

The three companies “are the first APAC-based cryptocurrency platforms to join Mastercard’s global Crypto Card Program which was designed to make it simpler and faster for crypto firms to bring secure, compliant payment cards to market, as consumers increasingly seek to fund everyday transactions securely and efficiently with digital currencies,” the payments giant explained, adding:

This announcement comes at a time when interest in cryptocurrencies is at an all-time high across the Asia Pacific region.

Last month, Mastercard announced that it has partnered with cryptocurrency exchange platform Bakkt “to make it easier for merchants, banks, and fintechs in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services.”

What do you think about Mastercard offering crypto cards in the Asia-Pacific region? Let us know in the comments section below.

Mastercard to Enable Merchants on Its Network to Offer Crypto Products and Services

26/10/2021 by Idelto Editor

Payments giant Mastercard has partnered with a cryptocurrency exchange to allow its partners and merchants in the U.S. to offer crypto solutions, including the buying, selling, and holding of cryptocurrencies. “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing.”

Mastercard’s Network Integrates Crypto

Mastercard (NYSE: MA) and cryptocurrency exchange platform Bakkt (NYSE: BKKT) announced “a multifaceted partnership” Monday at the Money20/20 event.

The partnership aims “to make it easier for merchants, banks, and fintechs in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services,” the announcement details. “Bakkt extends Mastercard’s ecosystem of cryptocurrency partners enabling crypto-as-a-service, which provides quick access to cryptocurrency capabilities.”

The two companies explained:

Mastercard partners will be able to offer cryptocurrency solutions. These include the ability for consumers to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards.

The payments giant has relationships with more than 20,000 financial institutions worldwide, and there are 2.8 billion Mastercards in use, according to the company. An October 2019 Nilson Report states that Visa and Mastercard both had 52.9 million merchants — more than any other company worldwide.

Mastercard further revealed that crypto will also be integrated into its loyalty solutions, allowing its partners to “offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets.” The announcement adds:

This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases.

Sherri Haymond, Mastercard’s executive vice president of digital partnerships, was quoted as saying: “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing. Our partners, be they banks, fintechs, or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Bakkt platform.”

Bakkt CEO Gavin Michael opined: “We’re lowering the barriers to entry, allowing people to take something like your rewards points and trade them into crypto. It’s an easy way to get going because you’re not using cash, you’re putting something that’s an idle asset sitting on your balance sheet, and we’re allowing you to put it to work.”

What do you think about Mastercard helping merchants on its network integrate crypto solutions? Let us know in the comments section below.

Payments Giant Mastercard Acquires Blockchain Intelligence Firm Ciphertrace

09/09/2021 by Idelto Editor

Mastercard, the American multinational financial services corporation, announced the company is dipping further into the digital asset ecosystem by acquiring the blockchain intelligence firm Ciphertrace. The partnership announcement says the firm will help bolster Ciphertrace’s and Mastercard’s cyber security solutions.

Mastercard Purchased Ciphertrace for Undisclosed Sum

On Thursday, the financial payments giant Mastercard (NYSE: MA) has revealed the company has acquired the blockchain surveillance firm Ciphertrace. The blockchain company is a Menlo Park, California-based cyber security firm that specializes in tracking “more than 900 cryptocurrencies.” Ciphertrace was founded by Stephen Ryan on May 31, 2016, and it has filed a number of patents throughout the years. In mid-May, Ciphertrace reported on cryptocurrency crime moving toward decentralized finance (defi), and during the first week of August, Ciphertrace claimed it had enhanced monero (XMR) tracing capabilities.

In the acquisition announcement Ajay Bhalla, president of Cyber and Intelligence at Mastercard, discussed the benefits of digital assets but the payments giant wants to make sure the ecosystem is “trusted and safe.” “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” Bhalla said in a statement on Thursday. Bhalla added:

With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and Ciphertrace to do just this.

Mastercard’s Entry Into Crypto Gets Deeper

Mastercard has been knee-deep in the crypto economy for quite some time and every couple of weeks the company’s interest gets deeper. At the end of July, Mastercard said the company’s card program was being enhanced for crypto trading platforms and wallets. A week later, Mastercard launched an initiative to help bolster cryptocurrency startups. While Ciphertrace announced the enhanced XMR tracing capabilities, that same week Mastercard outlined the firm’s plans for cryptos, stablecoins, and central bank digital currencies (CBDCs).

Ciphertrace says the firm’s software helps companies find solutions to “enhance their security and fraud monitoring activities for crypto-related programs.” Dave Jevans, CEO of Ciphertrace, explained that Mastercard and Ciphertrace share a similar vision. “We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” Jevans detailed. He further added:

Our two companies share this vision to provide security and trust throughout the ecosystem. We are thrilled to join the Mastercard family to scale CipherTrace’s reach across the globe.

The Ciphertrace acquisition cost was not disclosed in Mastercard’s announcement. Mastercard also explained that Ciphertrace is one of many investments as the company has invested and partnered with firms like Uphold, Bitpay, and Gemini.

What do you think about Mastercard purchasing Ciphertrace? Let us know what you think about this subject in the comments section below.

Mastercard Launches Global Program to Help Cryptocurrency Startups Scale Their Innovations

28/07/2021 by Idelto Editor

Payments giant Mastercard has launched a new, global program for cryptocurrency startups. Seven crypto companies have already joined the program. Together with Mastercard, they will work to “expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets.”

Mastercard’s New Crypto Program

Mastercard announced Tuesday “a new Start Path global startup engagement program dedicated to supporting fast-growing digital assets, blockchain and cryptocurrency companies.”
Seven startups have already joined the program. They will work with Mastercard “to expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets,” the announcement details.
The startups include GK8, Mintable, Stacs, and Supraoracles. GK8 (Israel) is a self-managed end-to-end institutional crypto custody platform. Mintable (Singapore) is a non-fungible token (NFT) marketplace, Stacs (Singapore) provides a blockchain infrastructure for the financial industry, and Supraoracles (Switzerland) is a blockchain oracle.
The other companies that have joined the program are Taurus, Uphold, and Domain Money. Taurus (Switzerland) provides enterprise-grade infrastructure to manage any digital assets, including crypto assets, digital currencies and tokenized assets covering issuance, custody, asset servicing and trading. Uphold (USA) is a crypto investment and payment service provider for consumers and businesses, and Domain Money (USA) looks to build an investment platform to bridge the gap between digital assets and traditional finance for retail investors.
The Start Path program has helped more than 250 startups since 2014, the announcement notes. The program now provides crypto startups access to Mastercard’s “latest tools and solutions to help these companies scale their innovations and cutting-edge technologies.”
Mastercard explained: “These startups use the program to connect with our ecosystem of banks, merchants, partners and digital players across the globe to deliver new solutions.”

Jess Turner, executive vice president of New Digital Infrastructure and Fintech, commented that “Mastercard has been engaging with the digital currency ecosystem since 2015,” elaborating:

As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry, and provide consumer protections and security. Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations.

Last week, Mastercard announced an enhancement to its card program for cryptocurrency wallets and exchanges, with the aim to make it “simpler for partners to convert cryptocurrency to traditional fiat currency.”

What do you think about Mastercard’s new program for crypto startups? Let us know in the comments section below.