International payments giant Mastercard revealed plans to realize a crypto card program to allow traditional banking establishments as well as crypto enterprises to offer their clients cards for digital asset operations.
As stated in the press release published on July 20, Mastercard teamed up with technology-focused financial services provider Evolve Bank Trust, blockchain specialized Paxos Trust Company, and P2P payment, USD Coin founder Circle, to carry out the initiative.
The project aims to allow digital asset transactions via a card at the places where Mastercard functions.
Paxos and Circle will make crypt-fiat change easier due to fiat-pegged stablecoins. This is supposed to expand crypto-related banking services.Mastercard's head of emerging payment products, Raj Dhamodharan stated that at the moment not every crypto company’s' framework allows crypto to fiat exchange. He says the partnership is meant to unlock more options and allow people to choose the way and time of financial operations.
Earlier, in April the news of crypto platform Gemini’s collaborating with Mastercard to launch a credit card was announced.The product is expected to launch this summer.