American multinational financial services corporation; Mastercard has taken the decision to open its channel to selected cryptocurrencies. This was revealed not too long after electric car company Tesla invested the sum of $1.5 billion in Bitcoin and announced that it would accept the cryptocurrency as a means of payment in the future.
Prior to now, Mastercard provided its customers with cards that allow them to make transactions using their cryptocurrencies without going through the corporation’s platform.
The Multinational corporation announced on Wednesday, 10th of February 2020, that it has plans on offering support for some selected cryptocurrencies on its network this year. It therefore joins the train of tech companies, businesses and start-ups that have already incorporated cryptocurrency in their business operations. Companies like Square, BlackRock, Tesla, PayPal, etc., have joined the movement in backing up cryptocurrencies.
Mastercard said opening its network to cryptocurrency would be creating opportunities for buyers, sellers, and generally individuals. Specifically, it said, ‘doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. This change may open merchants up to new customers who are already flocking to digital assets.
Although it is opening its network to cryptocurrency, Mastercard said not all cryptocurrencies would be allowed on its network. The reason Mastercard is giving support to only selected cryptocurrencies is that, a good bunch of the endless amount of already existing cryptocurrencies still need to work on tightening their compliance measures.
Many cryptocurrencies still have to win the trust of mainstream investors and members of the general public because of the speculative nature of cryptocurrencies and the fact that it has huge potentials to be used for money laundering.
As companies continue to support cryptocurrency and involve it in their business operations, this helps investors and people to believe and trust in them, save with them, transact with them, as well as invest with them. As major companies continue to invest in cryptocurrency, more big companies and start-ups would also find ways to do this too. In other words, cryptocurrency will continue to gain wide acceptance and in just a matter of time, money would truly evolve.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
