Mastercard begins to see that cryptocurrencies are inevitable. Two years after the company banned its users from buying cryptocurrencies or financing accounts on crypto exchanges, it changed its position. It took advantage of the demise of Wirecard and would like to become one of the payment processors for crypto debit cards.
Mastercard and a new look at the crypto
Wirex is the first crypto company to join the Mastercard program. The $ 300 billion company reversed its stance on the crypto after the fall of Wirecard in June.
Wirecard processed payments for many crypto debit cards, such as Crypto.com and Wirex. Until recently, he filed for insolvency after auditors uncovered years of fraud in the company. Although both Mastercard and VISA are ready to fill this newly released market segment, both companies have not always been fans of digital assets.
After the ban on the use of their cryptocurrency cards, Mastercard and VISA sought to create a solution that leveraged the cryptocurrency system and value. VISA arrived much earlier and allowed Coinbase, Crypto.com and several others to issue a crypto debit card in 2019.
Mastercard seems to be following a similar strategy. Due to the growing interest and growing adoption of digital assets, the company announced the expansion of its crypto initiative called the Accelerate Program. Wirex is the first to join the program, but it will not be the last.
This expansion is the result of the growing popularity of the cryptocurrency industry:
“The cryptocurrency market is still maturing, and Mastercard is moving this forward in creating safe uses for consumers and businesses in today’s digital economy.”
The company has several requirements for its future partners in the digital assets industry. They include providing adequate consumer protection, ensuring a level playing field for all parties involved and operating in full compliance with all applicable laws and regulations.
The company’s press release states that “cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program for emerging brands and fintech, giving them access to everything they need to grow rapidly.”
In 2018, the crypto seemed to need institutional acceptance to survive. In two years, the institutions have adopted the crypto as an inevitable development of money. All that remains is to influence regulators to take a favorable stance on the sector.
Regardless of the future, Mastercard will make cryptocurrencies available and easier for users around the world.
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