Mastercard announces the opening of its network to transactions in bitcoin and other cryptocurrencies

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.

Erin Smith
As our second lead editor, Erin Smith provides guidance on the stories Nomad Labs reporters cover. She is a digital nomad, writer and passionate explorer of life. She works as a freelance writer, helping businesses and entrepreneurs tell their stories and share their passions with the world. He's also an avid reader and loves learning about different cultures and philosophies. Erin is all about living life and shes always looking for new experiences to share and new friends to meet.