Wednesday, November 29, 2023

Mastercard is opening a network to select cryptocurrencies

Mastercard is supporting cryptocurrencies.

Mastercard said on Wednesday that it plans to offer support for some cryptocurrencies on its network this year through joining several companies that have promised similar support.

Moreover, The credit card giant’s announcement comes days after Elon Musk’s Tesla revealed that it bought $ 1.5 billion in bitcoin and would soon accept it as a form of payment.

Asset manager BlackRock and payment companies Square and PayPal also recently supported cryptocurrencies.

However, Mastercard already offers customers cards that allow people to make a transaction using their cryptocurrencies, but without going through its network.

So Doing this job will create much more possibilities for buyers and merchants, allowing them to transact on a whole new payment method. However, This change could open up merchants to new customers who are already switching to digital assets, ”said Mastercard.

But Mastercard specified that not all cryptocurrencies will be supported on its network, adding that many of the hundreds of digital assets in circulation still need to tighten their agreement measures.

Therefore, Many cryptocurrencies have struggled to gain the trust of mainstream investors and the general public due to their speculative nature and potential for money laundering.

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