Yes, you read that right. I am not the one to write clickbait-y titles like "Look what new cards MasterCard will launch!". In most cases I go straight to the point, without much embellishment and sauce-ry.
Now, it looks like Mastercard, one of the most major financial corporations globally, finally made the step to what has been rumoured for months now and is going forward with launching its newest Crypto-cards.
The payment cards will cover the region of Asia - Pacific. In order to launch the cards and be able to offer crypto services there is already a signed partnership in place between Mastercard and Amber, Bitkub, and CoinJar. In regards to who are actors involved; Amber Group is a crypto-services provider present in Hong Kong, Taipei, and Seoul in Asia. Coin Jar is a cryptocurrency exchange servicing Austrialia. While Bitkub is a leading crypto exchange from Thailand.
Three types of cards namely debit, credit, and prepaid Mastercards will be available through this partnership for consumers and merchants. Holders of the crypto Mastercards will be able to convert their crypto to fiat and spend it wherever they want in the world where Mastercard is accepted.
These news come at at time that both Bitcoin and Ethereum have hit new all time highs, while other new and traditional altcoins have made considerable gains. This move from Mastercard will aim to pivot the company in a leading role for cryptocurrency related payment and services as Asia is one of the regions more positive towards crypto adoption. Some months before, Mastercard took a similar approach in offering crypto cards in the US by partnering with the Gemini exchange owned by the Winklevoss brothers.
As we move closer into a tokenized economy, where people become more appreciate of the disruptive technology that cryptocurrencies offer, traditional financial service provides will race to take as large part of the pie as possible in order to remain relevant and follow the sentiment of the market. This in hand will speed up the adoption of cryptocurrency assets for payments and services.
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