Payment giants Visa and Mastercard are accelerating the crypto revolution with a series of collaborations and initiatives.
Visa launches a new tokenized platform while Mastercard aims to expand its range of cryptocurrency payment cards by partnering with more crypto companies.
MasterCard continues to expand the crypto card
The company has already partnered with cryptocurrency exchanges, including Binance, Nexo, and Gemini, to offer cryptocurrency-linked payment cards.
“We have dozens of partners around the world that provide crypto card programs, and they continue to expand.”
Raj Damodaran, MasterCard’s President of Cryptocurrency and Blockchain, told Reuters.
On Thursday, the payment processing network announce Launching Mastercard Crypto Certification. It will provide a common standard and infrastructure for verifying interactions between consumers and businesses on blockchain networks. Lirium, Bit2Me, Mercado Bitcoin and Uphold are partners.
The pilot program will focus on enabling transfers between lanes in Latin America, the Caribbean and the United States. In addition, Mastercard has also partnered with public blockchain networks such as Aptos Labs, Ava Labs, Polygon, and Solana.
Each of them will help bring Mastercard Crypto credits to developers in their respective ecosystems.
Visa brings more good news to the cryptocurrency market
On the other hand, Visa has teamed up with Agrotoken, Microsoft, and Sinqia to develop a software financial platform designed for farmers and small and medium-sized businesses.
the platform It will utilize existing financial processes and assets, allowing farmers to tokenize traditional contracts, by converting Brazilian legal documents into tradable on-chain NFTs. Visa’s Universal Payment Channel (UPC) connects a True Digital Future (CBDC) with other digital currencies, stablecoins or tokenized deposits, ensuring interoperability between currencies.
A prototype platform could enable a corn producer, for example, to create a token contract in a licensed version of the Ethereum blockchain and auction it, using various forms of interoperable funds, thus expanding their reach beyond local markets.
Visa and Mastercard’s latest market moves are welcome news for more crypto adoption. Banks and auditors have become wary of interacting with the crypto world in recent months.
Last December, Mazars, which audited Binance, announced that it was spinning off the company. Banks certainly haven’t embraced the idea of adopting cryptocurrencies in recent months after a tumultuous 2022.
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