By Alicia Maher
In a major development in the digital asset sector on Tuesday, bank card behemoth, MasterCard, unveiled the rollout of cryptocurrency-linked credit and debit cards throughout the Asia-Pacific area, creating a stir. MasterCard will provide blockchain credit and debit cards in collaboration with three virtual currency service vendors, including Amber Community, CoinJar in Australia, and Bitkub in Thailand. Blockchain debit and credit cards will allow users to quickly turn their virtual currencies into conventional fiat currency.
The company stated that “instead of sending cryptocurrency directly to a store, customers will now be able to immediately change their digital currencies into regular fiat cash, which can then be spent anywhere MasterCard is recognized throughout the globe, both offline and online.” Despite the fact that MasterCard did not specify the exact digital currencies that will be accepted, the business pointed out Bitcoin (BTC) and Ethereum (ETH) as two currencies that have already been recognized by some shops but have not yet gained widespread acceptance. 45% of those questioned in MasterCard’s study on the Asia-Pacific area indicate they are contemplating utilizing cryptocurrencies in the coming year, according to the company’s data.
MasterCard Is Making Headway In The Blockchain Industry
It didn’t take long for the word of the crypto credit and debit cards to travel over Twitter, with personalities praising Bitcoin and other Altcoins for their expanding popular appeal. Despite the fact that cryptocurrency is gaining increased credibility as an alternative investment asset class, as indicated by the market’s current $3 trillion landmarks, adoption in the transaction industry has been far slower.
Despite the fact that cryptocurrency is gaining increased credibility as an alternative investment asset class, as indicated by the market’s current $3 trillion landmarks, adoption in the transaction industry has been far slower.
💥BREAKING: MasterCard is launching #Bitcoin-backed cards across the Asia-Pacific region after announcing 3 partnerships today.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 8, 2021
On the other hand, MasterCard has left its imprint all over the blockchain industry, maybe in preparation for the day when virtual currencies will acquire popularity as a means of payment. The credit card company revealed its intentions to allow its affiliates in the United States to provide cryptocurrency loyalty benefits last month. Residents of the United States will be able to purchase, trade, and keep cryptocurrency through institutional wallets as a result of a partnership with virtual currency platform Bakkt, according to MasterCard.