Mastercard Exploring Potential Partnerships With Ledger and MetaMask
Now that legislators are slowly adopting a more positive approach towards crypto in general, we could see many traditional finance companies trying to get into the booming industry.
Many crypto wallet companies encounter numerous challenges when expanding into new markets, but both Ledger and MetaMask could potentially tap into the extensive global payment network provided by Mastercard to look for viable solutions.
By utilizing payment cards, wallet providers can also attract more users, foster customer loyalty, and create additional revenue streams, all while enabling seamless cryptocurrency transactions.
For its part, the global payment processor has expressed its interest in investigating novel approaches for worldwide issuance through stablecoin-based settlement and cost-effective, rapid blockchain networks.
Mastercard is also developing a set of guidelines for partner firms, focusing on aspects like safeguarding consumers, fostering price competition, and monitoring transactions. Once approved, the next phase will involve the introduction of a card in either the European Union or the United Kingdom.
Notably, in 2021, Mastercard acquired Ciphertrace, a Mastercard company, a blockchain analytics company specializing in tools for identifying illicit cryptocurrency transactions. The company also has the Engage program which aims to introduce new cryptocurrency cards to the market and provide innovative methods for converting crypto into traditional fiat currency.
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