Crypto on the rise: How to move the crypto economy forward
Digital assets such as cryptocurrencies and central bank digital currencies have the potential to transform the infrastructure of the financial system. And NFTs, blockchain gaming, and Metaverse experiences could transform the way consumers shop and communicate.
But to realize this potential, we need to bring together the best of technology, banking, fintech and crypto. This will create a multitude of new services and make money transactions faster, easier and cheaper. The long-awaited promise of making crypto a means of payment could be achieved.
These collaborations could also help the crypto ecosystem improve security for its users, weather future market turmoil, and achieve greater mainstream adoption.
One day, being able to own and spend digital currency could be as seamless as contactless card payment. There’s still a long way to go to make all of this possible, but here’s what we’re building today to make it happen.
01
crypto cards
These cards are a valuable bridge between existing financial services and the growing crypto ecosystem. Overall, this year we announced dozens of new crypto card programs around the world. For example, we worked with Gemini in the US on a credit card that pays rewards in cryptocurrencies. In Argentina, we launched a prepaid card with Binance, which allows users to load their card with their crypto, which converts to fiat currency instantly when making payments. And recently, in Europe, we announced the world’s first physical debit card that can be customized to include a customer’s NFT avatar.
02
Services for Crypto
Mastercard is a provider of cybersecurity, digital ID, consulting and open banking services to tens of thousands of financial institutions. We will use the same tools to offer more support to crypto players and issuers. We have expanded our consulting activities to include our own crypto practice. Last year we completed our purchase of CipherTrace, which tracks and investigates fraudulent behavior in crypto transactions. Building on these capabilities, we’re making crypto buying easier and safer with the launch of Crypto Secure, powered by CipherTrace technology to help card issuers comply with regulations and assess the risk profile of crypto transactions.
03
payments
We’ve partnered with a handful of top-tier crypto-focused companies — including Paxos, Circle, Evolve, and Uphold — to develop ways for people to quickly convert their cryptos into fiat to make payments. This work will support current and future partnerships with crypto cards.
04
Crypto on our networks
A key way to expand people’s choice is to bring certain Mastercard-approved digital assets onto our networks, a plan we announced last year that continues to move forward. A cryptocurrency will only be used on our networks if it offers consumer protection, strict legal compliance and stability.
05
Metaverse and NFTs
Just as we’ve teamed up on crypto cards and payments, we’re working to expand our partnerships to support NFTs and the Metaverse. Coinbase users can now pay for NFTs with Mastercard, and in June we announced plans to bring the same functionality to eight new NFT marketplaces and infrastructure providers.
We already operate a trusted global network that enables payments with a single tap or click. This is what the crypto economy needs to support the next million users – or the next billion. We’re excited to prioritize these core areas to give people better access to the crypto ecosystem and help it innovate and thrive.