Mastercard, the leading credit card conglomerate, will allow its users to utilize some cryptocurrencies on its payment network, becoming the latest to adopt crypto. The price of Bitcoin moved rapidly after the Mastercard and BNY Mellon news broke, refueling momentum in the market.
Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships, said:
“Many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they won’t meet our requirements. We expect consumers and the ecosystem as a whole will start to rally around the crypto assets that offer reliability and security.
Our change to supporting digital assets directly will allow many more merchants to accept crypto — an ability that’s currently limited by proprietary methods unique to each digital asset. This change will also cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases.”
What happens to crypto and Bitcoin next?
Mastercard’s decision to adopt cryptocurrencies comes as BNY Mellon also enters the crypto market.
Generally, the level of mainstream adoption in the cryptocurrency space among institutional investors and public corporations is currently unprecedented.