The giant Card payment platform MasterCard is set to roll-out its crypto assets backed “Crypto Cards” for the Binance users.
MasterCard is a Centralized card payment platform, which is widely used for easy online payment. But the entry of cryptocurrencies into the digital world dragged the attention of such card payment companies, to sustain their future in the future payment system with cryptocurrencies. MasterCard and Visa, like all companies, are trying to make a significant position in the crypto sector.
Recently MasterCard announced that it is working with leading crypto exchange Binance to issue “Crypto assets backed MasterCard” for Binance users.
Basically, the issued cards by MasterCard will be attached to the Binance account of the Cardholders and when Card holders will use their card to pay then Card will automatically convert the selected crypto asset into fiat. So basically it will allow the Crypto Investors to use their crypto assets to pay money for their daily life goods & services.
The issued card will be allowed to be used at all those places where MasterCard will be supported. And initially, this will be rolled out in Argentina only and after the successful testing & use response rate, Both companies will extend it to users from other countries.
The users of the MasterCard Crypto Cards will be allowed only to spend the major crypto assets like USDT, BNB, BTC, BNB, ETH, ADA, XRP, etc.
The Chief executive officer of MasterCard, Michael Miebach, said that the company aimed to unlock all the features of the blockchain technology to bring better & easier payment systems.
“we can unlock the full potential of blockchain technology when we make it easier to access + easier to use.”
Earlier, in April of this year, MasterCard announced its crypto card in collaboration with the Gemini crypto exchange. Gemini crypto exchange promised to give better incentives as cash back rewards for the users to use Crypto cards for US-based users.