Financial services giant Wirex has previously developed cryptocurrency cards with BitPay.

Mastercard is taking a deep dive into cryptocurrency with the announcement today that it will offer payments-focused consulting services for crypto and digital currencies.

From the cryptocurrency and NFT strategy to crypto cards and loyalty programs, the financial giant's new offerings will be aimed at banks and merchants.

More mainstream financial institutions and businesses will also have to adapt to NFTs-unique blockchain tokens that represent ownership of assets as they become more popular.

According to MasterCard, the company is also seeking to help banking institutions explore the development and implementation of CBDCs using its testing platform.

Mastercard has previously worked with Wirex and BitPay to develop cryptocurrency cards, and this is not the first time they have shown interest in digital currencies. Last year, it was reported that Mastercard was "preparing now for the future of crypto and payments."

Recent partnerships with Amber, Bitkub, and Coinjar have brought Mastercard into the world of crypto-focused payment cards for the Asian market. In the world of NFTs, Mastercard will be an option on Coinbase's new NFT marketplace platform, which has no release date but may rival OpenSea in terms of features. 

In a wave of recent cryptocurrency partnerships, MasterCard has partnered with Coinbase to offer NFT payments

  • Coinbase customers will use Mastercard credit and debit cards in its upcoming NFT marketplace.

  • MasterCard and Visa have been partnering on several crypto-related deals lately. 

  • Unlike banks and intermediaries, bitcoins do not require any middlemen. As the asset class becomes more mainstream, payment giants are embracing it.

In a flurry of recent partnerships between crypto giants and payments companies, MasterCard has inked a deal with Coinbase. 

Mastercard cards will be accepted as payment on Coinbase's upcoming NFT marketplace as part of this agreement. Earlier this year, Coinbase announced plans to launch a platform to mint and buy nonfungible tokens, which have gained tremendous traction in the past year. 

Mastercard teaming up with Coinbase is designed to reduce friction in the NFT buying process, Coinbase executives said. The current process requires customers to open a crypto wallet, buy crypto, and spend it on NFTs via online marketplaces. In the meantime, MasterCard said it wants to offer consumers more choices on paying for NFTs.

sources:

https://decrypt.co/93013/mastercard-adding-cryptocurrency-nft-consulting-services-may-help-develop-cbdcs

https://www.cnbc.com/2022/01/18/mastercard-strikes-nft-payments-deal-with-coinbase-amid-wave-of-crypto-partnerships.html

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