Cryptocurrency is here to stay. The banks know about it and Mastercard is even well aware of it. Before we start, we are not gearing away from options trading, we are merely introducing/updating you of the new asset we may want to add to our portfolio if not yet.
Just recently, Mastercard has updated its Accelerate program making it easier for the crypto firms to get on board, help them grow, transform and reach a global market at a faster pace by making use of the company’s insights and security services.
Last July 21, Wirex, a UK FCA-licensed global digital payment platform has announced that it has been officially a principal member of the said program by MasterCard. The Accelerate program will help partners such as Wirex to issue payment cards making it easier for them to fulfill the promise to their customers to be able to buy, spend and exchange several traditional and digital currencies as well while enjoying the best market exchange rates. By using Mastercard’s platform, they can enjoy faster, more convenient, and cost-effective transactions.
According to Pavel Matveev, CEO, and co-founder of Wirex, the said development signifies a growing interest and acceptance for cryptocurrencies by the leading regulators and firms. He further added that this will empower a world where digital and fiat currencies are treated as equal.
Executive Vice President of Digital Asset and Blockchain Products and Partnerships for MasterCard, Raj Dhamodharan, said “Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay”.
Wirex, before the partnership with MasterCard is already issuing VISA-backed cards having 46 million locations in 130 countries. In April 2020, they had hit three (3) million users and the partnership last July 21 marked another milestone for the company. The firm is also known for its “Cryptoback” feature, which gives users up to 1.5% back in bitcoin for in-store transactions.
Partnership with Bitpay
MasterCard is consistent in its focus on cryptocurrencies, last month, it partnered with BitPay, a blockchain service provider to launch prepaid credit cards for American customers. This BitPay card will allow a customer to convert their cryptocurrencies into traditional currency and once this has been loaded to the cards customers can spend the said amount to any store that accepts MasterCard debit cards.
Aside from that, the cardholders can also opt to withdraw the dollars from the ATM and use the cash to pay whatever they want. It can also be used to pay any product and services online as long as the online store accepts MasterCard debit card.
The Crypto Market Facts and Figures
- Current crypto assets – 5,787 as listed in coinmarketcap.com
- Current market cap – 305 billion, interestingly, this is just 155billion in Mar 2020
- Bitcoin over total market value – 61.4%
- Token Sales – as of Mar 2020, there are around 1799 token sales since 2016 and mostly were based in the US
- ICO – The five most successful ICO are Neo, Ethereum, IOTA, NXT and Spectrecoin
- The most popular trading app – Coinbase followed by Binance
- While crypto is illegal and/or in some countries, more than a dozen central banks are considering centralized digital currencies
- To trade crypto, you will just need an internet connection and a few dollars
- The top 10 digital assets make up more than 80% of crypto’s market value
