Mastercard to Accept Some Cryptocurrencies On Its Network
● Mastercard Inc. plans to add cryptocurrencies to its network.
● This new development will make crypto transactions easier for crypto traders.
● However, the firm says that the crypto assets will not run directly through its network.
Amid the cryptocurrency surge, Mastercard Inc. is planning to include some crypto assets on its network. This latest development will allow Mastercard holders to transact in cryptocurrencies.
Mastercard Plans to Include Crypto Assets On Its Network
According to the firm, it has been working ceaselessly with central banks worldwide to launch new digital currencies. Mastercard said via a recent blog post that the firm would ensure that consumers are protected and comply with its plans.
He added that they aim to allow businesses, crypto investors, and traders to transact using cryptocurrency. The firm said on Wednesday that later this year, merchants would move crypto assets on its network. This development marks the latest adoption of cryptocurrency by a traditional firm.
The company announced that it has liaised with specific crypto platforms but that the cryptocurrencies will not flow directly through its network. The crypto platforms will first convert the crypto assets to a fiat currency before transferring to Mastercard.
Mastercard’s Latest Development Will Aid Crypto Transactions
This new development from Mastercard will make crypto transactions more efficient, as it would save users the back and forth while making purchases.
The company decides to provide more options for consumers and not prompt them to start trading cryptocurrency, said Dhamodharan. Also, Visa Inc., another payment platform, said it would not hesitate to add cryptocurrencies to its network as well, provided it becomes widely accepted as a means of exchange.