According to Tesla, Mastercard is the next giant to express interest in bitcoin and cryptocurrencies in general, which it intends to introduce in its trading network.
Bitcoin investors received unexpected help at the end of January, when Elon Musk expressed his support for the virtual currency in a suggestive post made on Twitter. Almost two weeks later, we found out the reason, the reports sent to the American authorities by the giant Tesla confirming a major investment, of 1.5 billion dollars, in the purchase of Bitcoin coins. The news came as an exhortation for cryptocurrency investors, who pushed the price of Bitcoin in just a few tens of minutes to new all-time highs. Defying critics’ expectations, the price of Bitcoin remains above the level “bought” by the founder of Tesla, supported by a constant flow of new investors.
By definition, a company associated with the traditional banking system, Mastercard blows even harder in the “canvases” of Bitcoin, soon suggesting that we will be able to make transactions with the card in cryptocurrencies, at commercial agents already enrolled in the Mastercard network.
Mastercard already offers cryptocurrency cards, but they are made in partnership with providers who convert a cryptocurrency into a traditional currency, which is then used for trading. Integrating a Mastercard cryptocurrency into its network means direct payment with that currency, an operation that should be faster and cheaper.
“Mastercard is not here to recommend that you start using cryptocurrencies. But we are here to allow customers, merchants and companies to move digital value – traditional or cryptographic – however they want, ”said Raj Dhamodharan, head of Mastercard digital asset products.
Dhamodharan said Mastercard will only accept a selected set of cryptocurrencies that meet certain standards of confidentiality, security, legality and efficiency. This means that the vast majority of altcoins will not be accepted.
As our second lead editor, Erin Smith provides guidance on the stories Nomad Labs reporters cover. She has been instrumental in making sure the content on the site is clear and accurate for our readers. If you see a particularly clever title, you can likely thank Erin. Erin received a BA and an MA from CSUF.