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A potential partnership between Mastercard and custody service providers has the potential to significantly boost the growth of crypto wallets, leveraging Mastercard's global payment expertise.
PHILIP REYES
Global payments company Mastercard is exploring partnerships with cryptocurrency wallets, MetaMask, and Ledger, CoinDesk <a href="https://www.coindesk.com/business/2023/10/24/mastercard-plans-web3-collaborations-with-self-custody-wallet-firms/">reported</a>, citing a Web3 workshop deck.
Fast facts
The deck reportedly said crypto wallet firms face challenges when expanding to new markets, which is where they can leverage Mastercard’s global payments network. Through payment cards, wallet providers can attract more users, create loyalty, and generate additional revenue streams, while enabling seamless crypto transactions.
The credit card giant reportedly said it is exploring “new models for global issuance using stablecoin on chain settlement” and “inexpensive fast chains”.
Mastercard reportedly plans to roll out a set of guidelines for partner companies that underscores consumer protection, price competition and transaction monitoring. If approved, the subsequent phase involves the launch of a card in the European Union or the U.K.
In 2021, Mastercard acquired Ciphertrace, a blockchain analytics firm that develops tools to help identify illicit crypto transactions. The company’s ‘Engage’ program aims to bring new crypto cards to market and offers new ways to convert crypto to fiat.
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