Mastercard Seeks To Expand Crypto Card Tie-ups

Mastercard will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company’s head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary. 

Mastercard has already partnered with crypto exchanges including Binance, Nexo and Gemini to offer crypto-linked payment cards in some countries. The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange. “We have dozens of partners around the world who offer crypto card programmes and they continue to expand,” Raj Dhamodharan, Mastercard’s head of crypto and blockchain, told Reuters on Thursday.

“Providing access to crypto in a safe way is also part of our value proposition and we’re continuing to do that.” Banks have become wary of crypto clients after a number of big crypto firms collapsed last year, including the bankruptcy of major exchange FTX. Meanwhile, U.S. regulators are increasingly cracking down on what they say is a lack of compliance in the market.