- Reduces friction in experience and provides greater choice for
consumers by helping crypto companies offer card programs
- Suite of partners include Circle, Paxos, Evolve Bank &
Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments,
i2c Inc. and Galileo Financial Technologies
Mastercard announced today it will enhance its card program for
cryptocurrency wallets and exchanges, making it simpler for
partners to convert cryptocurrency to traditional fiat currency.
Working with Evolve Bank & Trust and Paxos Trust
Company, the leading blockchain infrastructure and regulated
stablecoin issuance platform, and Circle, a global financial
technology firm and the principal operator of the USD Coin (USDC),
a dollar digital currency or stablecoin, Mastercard and its
partners will test this new capability to enable more banks and
crypto companies to offer a card option to people wanting to spend
their digital assets anywhere Mastercard is accepted.
Today, when people spend cryptocurrency such as Bitcoin, Bitcoin
Cash, Ether, or Litecoin, it must enter and settle on Mastercard’s
network as traditional fiat currency, such as the U.S. dollar.
Until now, crypto providers planning to launch or expand card
programs could find it operationally challenging to perform the
currency conversion, a critical step preceding the settlement on
Mastercard’s network. Mastercard’s engagement with Evolve, Paxos
and Circle solves this challenge for players across the
industry.
Mastercard announced in February 2021 it is preparing to enable
select stablecoins directly on its network, expanding the future
potential of digital assets and payments. Today’s news, enhancing
the experience for cryptocurrency exchanges, is a critical step in
expanding the ecosystem and safely, securely and compliantly
setting the stage for the future of crypto payments.
Raj Dhamodharan, executive vice president of digital asset
and blockchain products & partnerships at Mastercard,
commented: “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 enhancement to Mastercard’s existing Crypto Card Program
includes a suite of partners. Mastercard is in discussions with
Evolve Bank & Trust and Metropolitan Commercial
Bank to issue cards, Uphold and BitPay to provide
real-time crypto wallet technology, and i2c Inc., Apto
Payments and Galileo Financial Technologies® to support
processing and program management.
With this enhancement to Mastercard’s Crypto Card Program, Paxos
and Circle will use their platforms to facilitate the conversion of
crypto to fiat through fiat-backed stablecoins, a class of
cryptocurrency that offers price stability and is backed by reserve
assets. Making the process simpler will allow more banks and crypto
partners the opportunity to offer their consumers the choice of
paying with cryptocurrency.
Hear from Our Partners
“As pioneers in crypto-backed debit card issuance, we are
absolutely thrilled to see the level of investment that Mastercard
and all the associated partners are demonstrating for innovative
products,” said Apto Payments CEO Meg Nakamura.
“BitPay believes the future of payments is on the blockchain
because it transforms how consumers send, receive, and store money
around the world,” said Stephen Pair, co-founder and CEO of
BitPay. “Working with Mastercard’s pilot to turn digital assets
into dollars for everyday spending will accelerate consumers’ use
of crypto as a means of commerce.”
Dante Disparte, Chief Strategy Officer and Head of Global
Policy at Circle, commented: “The collaboration between Circle
and Mastercard demonstrates that dollar digital currencies like
USDC play a foundational role in making payments more efficient and
can facilitate new economic activity for businesses worldwide.”
“We are thrilled to be partnering with Mastercard and other
leaders to evolve the payments landscape,” said Scot Lenoir,
chairman of Evolve. “Evolve is a known leader that supports all
forms of stored value and money movement for our diverse array of
fintech customers. To support the tremendous consumer and business
adoption of digital currencies over the last few years, we see
settlement via USDC and other stablecoins as our next step in our
journey to continue to modernize banking for all.”
"Galileo is excited to partner with Mastercard to simplify
payments and provide the modern API technology that enables a
seamless cryptocurrency conversion process of new currencies and
coins to fiat currency and U.S. stablecoins,” said Derek White,
CEO Galileo Financial Technologies.
"As one of the world's leading issuer-processors powering
millions of active crypto-backed cards globally, i2c couldn't be
more enthusiastic or honored to be counted as a key Mastercard
partner for crypto," said Jim McCarthy, president, i2c Inc.
"We look forward to helping visionary crypto companies bring their
card programs to market quickly through a single global platform,
offering product diversity, robust applications, services, scale
and unprecedented reliability."
"Metropolitan Commercial Bank is proud to be named a key partner
with Mastercard and its plan to enhance its existing Crypto Card
Program,” said Nick Rosenberg, executive vice president and head
of Global Payments at Metropolitan Commercial Bank. "We are
excited to join Mastercard in making it simpler to convert
cryptocurrency to traditional fiat currency."
Charles Cascarilla, CEO and co-founder of Paxos, added,
“Paxos builds the underlying technology that will usher in an open
digital economy. Our stablecoins are trusted, regulated and always
fully backed one-to-one by U.S. dollars. We can facilitate instant
settlement for transactions on a 24/7 basis, 365 days a year. By
partnering with Mastercard, we'll bring the benefits of crypto and
blockchain to the everyday lives of consumers globally.”
JP Thieriot, CEO of Uphold, said: “We’re thrilled to be
working with Mastercard to advance the payments landscape and
enable next generation transactionality for consumers and merchants
alike. Removing friction and barriers to entry is critical to
ensure the wide adoption of digital payments, and Mastercard is in
position to lead the way.”
About Mastercard (NYSE:MA):
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
www.mastercard.com
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version on businesswire.com: https://www.businesswire.com/news/home/20210720005413/en/
Katie Priebe, Global Communications, Mastercard +1 (914)
707-9822 | Katie.Priebe@mastercard.com
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