The first three cryptocurrency companies in the Asia-Pacific region to join Mastercard’s global Crypto Card Programme, Bitkub, CoinJar, and Amber Group, have announced they will be launching their own crypto Mastercard payment cards that will enable users to easily convert their crypto into fiat currency.
Mastercard announced their Crypto Card Programme in July 2021, via a press release that outlined the nature of their offering:
“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Through our engagement with Evolve, Paxos, Circle and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”
The payments platform partnered with Evolve Bank & Trust, Paxos Trust Company, and Circle, to facilitate the conversion of crypto to fiat currency. Mastercard also partnered with New-York based Metropolitan Commercial Bank, with the executive vice president and head of Global Payments of MCB announcing they were a key partner and “excited to join Mastercard in making it simpler to convert cryptocurrency to traditional fiat currency”.
The latest round of partnerships with Asia-PAcific cryptocurrency companies will be supported by Mastercard, which has indicated its commitment to supporting participating companies by reducing barriers to entry, streamlining the onboarding process and providing them with in-market teams to accelerate their growth and execution. Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard, noted:
“In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance, and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.”
With the world-leading payments provider taking active steps to support the growing crypto industry, and the recent launch of the first Bitcoin-linked exchange-traded fund (ETF) in the US, many have speculated that the cryptocurrency market is looking to reach unprecedented highs over the next few months. The number of Bitcoin holders has tripled over the last three years, marking what some might say is an indication of increasing global adoption that is here to stay.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.