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MasterCard opens the network to specific cryptocurrencies

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She said MasterCard: It plans to provide support for some cryptocurrencies through its network this year, to join a series of large companies that have pledged similar support.

The company announced the expansion of its cryptocurrency program, making it simpler and faster for partners to offer secure and compatible payment cards to the market.

To enhance the partnership experience, cryptocurrency and cryptocurrency partners are invited to join the Mastercard Accelerate program for emerging brands and fintech companies, giving them access to everything they need to grow quickly.

The credit card giant’s announcement comes days after Tesla revealed that it has bought $ 1.5 billion of Bitcoin, and may soon accept it as a payment method.

Investment management firm BlackRock, payment firms Square and PayPal have also supported cryptocurrencies recently.

Mastercard provides customers with cards that allow people to transact with cryptocurrencies, despite not going through its network.

Mastercard said: Doing this work creates a lot of possibilities for shoppers and merchants, allowing them to transact in a completely new payment method, and this change may open the door for merchants to reach new customers who are flocking to digital assets.

The credit card giant has specified that not all cryptocurrencies will be supported across its network, adding that many of the hundreds of digital assets in circulation still need to tighten their compliance procedures.

Many cryptocurrencies have struggled to gain the confidence of ordinary investors and the general public due to their speculative nature and the potential for money laundering.

Consumer interest and investment in digital currencies is growing, as research shows that up to 20 percent of the population of some countries owns cryptocurrencies, and an increasing number of merchants, digital players and financial institutions are exploring crypto payments.

The move comes as Wirex becomes the first original digital currency platform to be granted a prime membership from MasterCard, allowing it to directly issue payment cards.

The cryptocurrency market continues to mature, and MasterCard is pushing it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy, and accelerating our work with Wirex and the broader crypto ecosystem of innovation and providing more options in how consumers pay.

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