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Mastercard launches a euro-denominated cryptocurrency card in an effort to bolster global adoption of crypto-focused payments. The debit card allows…
The post Mastercard Unveils Euro-Denominated Crypto Debit Card, Enabling Bitcoin Spending Worldwide first appeared on The Crypto Basic.
Mastercard has launched a euro debit card enabling direct spending of Bitcoin and crypto from non-custodial wallets at its over 100 million merchants. The move reflects Mastercard's expanding efforts to bridge Bitcoin with its traditional payments network.
Mastercard partners with Mercuryo to launch a euro-denominated crypto debit card, enabling users to spend crypto from self-custodial wallets at over 100 million merchants.
According to a report, the two companies spent a combined $80 million lobbying against credit card competition acts.
The large private companies will work with seven central banks on improving structural inefficiencies in international transfers.
More than 1 billion individuals remain unbanked or lack adequate access to banking services, according to 2022 data from the World Bank.
The MetaMask Card could revolutionize financial accessibility and bridge the gap between traditional and blockchain payment systems.
The post MetaMask debuts Mastercard debit card for instant purchases from wallet appeared first on Crypto Briefing.
Ledger, a major hardware wallet company, has partnered with Revolut to enable crypto trading on its self-custodial wallets in certain EEA countries.
Nuvei Corporation, a Canadian fintech company, announced apartnership with Mastercard today. This partnership will launch a newoff-ramping solution in Europe. The solution allows consumers to convert theirdigital assets, including cryptocurrencies, into traditional fiat currency.They can do this using debit, credit, and prepaid cards.
Digital Finance Bridge
This new function bridges digital and traditional finance.Consumers can spend their converted funds through Mastercard's global network.The off-ramping solution is part of Nuvei's modular payment platform. It aimsto offer a simple and secure user experience.
Consumers can convert a wide range of supported digitalassets into fiat currency. They can then transfer the funds to their eligibleMastercard in near real-time. This process uses Mastercard Move's moneymovement capabilities. The integrated solution removes the need for third-partyexchanges or money service businesses.
We're excited to collaborate with Mastercard toaccommodate access liquidity and payments for Digital Asset holders, commented Philip Fayer, Chair and CEO of Nuvei.
Our mission is to enablebusinesses and their customers to connect through payments, wherever consumersare and however they want to pay. Offering crypto off-ramps through our singleintegration aligns perfectly with this mission to facilitate frictionlesstransactions across the digital economy.
Nuvei introduces off-ramping of Digital Assets to cards via Mastercard Move in Europe https://t.co/VXicQFHfWN #2024Trends #blockchain #banking #futuretechnology #financetechnology
Global FinTech Series (@FinTech_Series) July 11, 2024Blockchain Payment Integration
Nuvei's off-ramp solution with Mastercard is part of itsstrategy. It aims to connect traditional payments, open banking, and blockchaintechnology into one seamless experience.
Enabling choice how consumers can engage in DigitalAssets in a safe, simple and secure manner in line with all relevant regulation is at the heart of our strategy in this space, added Christian Rau,Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe.
Combining our global network of partners and digital solutions withNuvei's advanced integration opens new opportunities and choice for businessesengaging in digital assets and consumers alike.
This article was written by Tareq Sikder at www.financemagnates.com.
Binance has reportedly reintroduced Mastercardpayments for crypto purchases. This step arrived after Mastercard paused thisservice in August 2023 due to legal challenges facing Binance in the US. Both theUS Securities and Exchange Commission and the Commodity Futures TradingCommission had filed multiple charges against the exchange, leading to atemporary cessation of these services.
Enhanced Security Measures
Binance's spokesperson told Coindesk that thisdecision was reached after a review of the controls and processes that Binance has implemented. Mastercard now allows Binance-related purchases onits network and plans to support other services, such as withdrawals, later.
Mastercard reportedly confirmed this development butemphasized the importance of continuous monitoring. The payment giant mentionedthat it has reviewed the controls and processes that Binance has put intoplace. Based on those efforts, the company decided to enable support of Binancepurchases and deposits on its network.
Last year, Binance and MasterCard ended their partnership on crypto card programs in several countries. This move highlightedan increasing divide between major financial institutions and the cryptoindustry, Finance Magnates reported. The suspension affected countries such asArgentina, Brazil, Colombia, and Bahrain, ending access to crypto card servicesthat allow transactions in traditional currencies using their crypto assets onBinance.
Suspension of Co-branded Cards
Mastercards decision followed Visas earlier step ofhalting the issue of co-branded cards with Binance in Europe. This trendsignaled a broader reluctance among traditional financial entities to engagewith cryptocurrency firms. In a report by Reuters, Binance's spokespersonconfirmed the cessation of the four crypto card programs in the mentionedcountries.
Similarly, Binance halted crypto-backed debit cardservices in Latin America and the Middle East on September 21, 2023. Thisdecision impacted users in regions where Binance Card was previouslyoperational. Binance proposed Binance Pay as an alternative to continuesupporting crypto transactions via mobile devices.
In addition to financial service changes, Binance hasencountered significant regulatory issues. The exchange facedallegations from the Wall Street Journal regarding its use of sanctioned banksin Russia for peer-to-peer crypto transfers. This controversy furtherstrained Binance's relations with financial regulators and traditional bankingsystems.
This article was written by Jared Kirui at www.financemagnates.com.
Binance has resumed allowing its users to purchase crypto using Mastercard. Does this signal the end of Binances regulatory troubles?
Binance users can now purchase multiple crypto assets, including Shiba Inu (SHIB) and XRP (XRP), using their Mastercard once again. …
The post Binance Resumes Mastercard Payments for Shiba Inu and XRP first appeared on The Crypto Basic.
The Mastercard Crypto Credential service is expected to boost the domestic and international remittance market.
In order to test distributed ledger technology for financial settlements utilizing tokenization, Mastercard has partnered with major US banks including Citigroup, Visa, and JPMorgan. This collaboration between the payment processor and the banking titans is a test run in Regulated Settlement Network (RSN), a distributed ledger technology. Through RSN, it
Major banks collaborate on a shared ledger PoC to streamline tokenized asset settlements, aiming for a 24/7 interoperable network.
The post JPMorgan, Citi, Mastercard, Visa join forces to test tokenized asset settlement on shared ledger appeared first on Crypto Briefing.
The partnership between significant banking giants in the U.S. and Mastercard aims to streamline multiple asset-class settlements on a shared ledger platform.
From Mastercard to IX Swap, we have more news for you in today's daily news recap.
Global payment giant Mastercard has launched itspeer-to-peer cryptocurrency credentials pilot program to simplify how userssend and receive digital currencies. The new service is available in more thanten countries in Europe and Latin America. By introducing the Mastercard CryptoCredential, the company aims to simplify and secure crypto transfers, bypassingthe need for complex blockchain addresses.
Crypto Transactions across Borders
According to the press release, the new offering isavailable on exchanges Bit2Me, Lirium, and Mercado Bitcoin. Mastercard mentioned that users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now access cross-border and domestic transfers across multiple currencies and blockchains.
Additionally, Foxbit has joined the Mastercard CryptoCredential ecosystem, further extending the reach to more consumers. Lulubitusers will also benefit from this integration through Lirium, broadening thenetwork of accessible and secure crypto transactions.
Walter Pimenta, the Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard said: "Mastercard continues to invest in its technology, standards, and partnerships to bring safe, simple, and secure payments to the forefront. As interest in blockchainand digital assets continues to surge in Latin America and around the world, itis essential to keep delivering trusted and verifiable interactions acrosspublic blockchain networks."
Mastercard Crypto Credential aims to verifyinteractions between consumers and businesses on blockchain networks, ensuringusers meet specific verification standards. This system confirms that therecipients wallet can support the transferred asset, removing the complexityof determining supported assets and blockchains.
Moreover, Mastercard Crypto Credential supports theexchange of Travel Rule information for cross-border transactions, adhering toregulatory requirements to ensure transparency and prevent illicit activities.
NFTs, Ticketing, and Other Payment Solutions
Mastercard Crypto Credential plans to support varioususe cases, including NFTs, ticketing, and other payment solutions. According toMastercard, when a user registers, the exchange verifies them according toMastercard Crypto Credential standards. The user then obtains an alias to sendand receive funds across supported exchanges. During a transfer, MastercardCrypto Credential checks the recipients alias and wallet compatibility.
Initially, a select group of crypto wallet users willuse Mastercard Crypto Credential on a first-come, first-serve basis. Theprogram will eventually expand to over 7 million users across participatingexchanges in the coming months.
This article was written by Jared Kirui at www.financemagnates.com.
The credit card company hopes to streamline transactions and limit user error through an alias credentialing system.
Mastercard says wider availability will roll out to more than 7 million users across participating exchanges.
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