Mastercard Opening Network To Cryptocurrencies Later This Year




Feb. 16, 2021, 11:22 a.m.

Mastercard is set to open its network to cryptocurrencies later this year.

The company already offers cryptocurrency cards, although these are in partnership with vendors who convert digital currency into a traditional form to then transact.

In a blog post, the company's head of digital asset products Raj Dhamodharan said: "Whatever your opinions on cryptocurrencies - from a dyed-in-wool fanatic to utter sceptic - the fact remains that these digital assets are becoming a more important part of the payments world.

"Mastercard isn't here to recommend you start using cryptocurrencies.

"But we are here to enable customers, merchants, and businesses to move digital value - traditional or crypto - however, they want."

Dhamodharan clarified that Mastercard will only be accepting a select set of cryptocurrencies that meet required standards of privacy, legal, security, and efficiency.

Meanwhile, earlier this week it was revealed Tesla bought around $1.5 billion (£1.1 billion) of the cryptocurrency Bitcoin in January.

Elon Musk's car company has confirmed the acquisition and revealed that one day, the firm expects to accept it as a form of payment.

In a stock market statement, Tesla said: "We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis."

The announcement prompted a dramatic spike in the price of the cryptocurrency.

Indeed, at one point, the price rose by as much as 17 percent, to reach $44,220.

Source: BANG ShowBiz Tech

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.