Despite the ongoing regulatory uncertainty and controversies surrounding cryptocurrency, payments giants Mastercard and Visa continue to ink fresh deals with crypto startups globally.
The partnerships are mutually beneficial as payments companies expand their revenue streams and gain access to a new customer base, while crypto companies can leverage the global payment networks of Mastercard and Visa.
This article highlights some of the latest crypto partnerships with Mastercard and Visa, demonstrating that both companies remain committed to the crypto space.
Partnerships with Crypto Startups
Binance
Mastercard partnered with Binance, one of the largest cryptocurrency exchanges in the world, to launch a prepaid crypto card in Brazil. This card enables local residents to make purchases and pay bills with crypto if they hold a national ID. Last year, Binance and Mastercard collaborated to launch a prepaid card in Argentina.
Bit2Me
Spain-based Bit2Me partnered with Mastercard to launch a debit card that offers 9% cashback to customers. The exchange had already collaborated with the payments provider for its original card, which facilitated the conversion of crypto into fiat money. Bit2Me’s debit card currently supports eight cryptocurrencies linked to its wallet, with more planned to be added throughout the year.
Bitso
Latin American exchange Bitso launched a Mastercard debit card in Mexico that offers crypto rewards on purchases. The company stated that over 100,000 users had already signed up to test the product.
Bybit
Bybit, a Dubai-based cryptocurrency derivatives exchange, announced the launch of ByBit Card, which is powered by Mastercard and issued by Moorland. The company offers a free virtual card for online purchases, with a physical card set to be launched in April. The card is accessible to eligible countries in Europe and the UK with the necessary KYC and anti-money laundering measures in place.
Gate.io
Lithuania-based Gate Group, the firm behind crypto exchange Gate.io, partnered with Visa to launch a Gate debit card. Customers in most countries in the European Economic Area can sign up for the waitlist and registration process.
Mastercard and Visa’s Commitment to Crypto
Recently, Reuters reported that both Mastercard and Visa were pausing their efforts to establish new crypto-related partnerships following a string of bankruptcies in the industry. However, Visa quickly denied the report, stating that it would continue to monitor the crypto industry and regulatory developments. Visa’s spokesperson emphasized the company’s focus on Web3 infrastructure layers and evaluating blockchain protocols driving crypto development.
Mastercard’s spokesperson also confirmed the company’s continued commitment to crypto, refuting the Reuters article as “inaccurate and does not reflect our activities and plans for this space.” The company reiterated its commitment to bringing relevant payments solutions and programs to the market, guided by its principles in the digital assets and blockchain space – stability, regulatory compliance, and consumer protection.
Simon Schaber, SpoolDAO’s chief business development officer, explained that Mastercard’s partnership with crypto companies is a win-win situation for both parties. By partnering with crypto companies, Mastercard earns substantial transaction fees whenever a customer uses a crypto debit card. This arrangement provides Mastercard with a new revenue stream while allowing crypto companies to access a global payment network.
Conclusion
Despite the regulatory challenges facing the cryptocurrency industry, payments giants Mastercard and Visa continue to expand their partnerships with crypto startups worldwide. The partnerships offer several benefits to both parties, including increased revenue streams and access to new customer bases. The ongoing partnerships demonstrate that Mastercard and Visa remain committed to the crypto space, and more partnerships with crypto companies can be expected in the future.
