Mastercard is preparing to open its network to cryptocurrencies this year. It is thought the company will allow direct payments with a specific group of cryptocurrencies, including Bitcoin and Ethereum.
Strengthened by Tesla’s investment of $ 1.5 billion in Bitcoin, the crypto currency reached its all-time high of $ 48,000. Bitcoin, which has made great gains to its investors in the past days, now seems to continue its power in the market with the step Mastercard will take.
Mastercard will allow direct payments
On Wednesday, Mastercard announced that it will integrate cryptocurrencies into its network later this year. As it is known, Mastercard already offers cryptocurrency cards.
However, these cards have the function that converts a cryptocurrency to a traditional currency and then used to trade. Mastercard, which will integrate a crypto currency into its network with its new statement, will enable direct payments with crypto, which should be faster and cheaper with the new application.
Raj Dhamodharan, Head of Mastercard Digital Asset Products, who also made statements on the subject in a blog post, explains the issue as follows;
“Whatever your thoughts on cryptocurrencies, the truth is that digital assets have become an important part of the payment world. Mastercard is not here to recommend you start using cryptocurrencies. However, we are here to enable customers, merchants and businesses to carry digital value as they wish. ”
In addition, President Dhamodharan stated that Mastercard will only accept a range of cryptocurrencies that meet certain privacy, security, legal and efficiency standards.
Finally, Mastercard is thought to follow PayPal, which announced its platform last October where cryptocurrency can be purchased, sold and used as payment.