MasterCard advances its Bitcoin and crypto card adoption with new partnerships, Polygon, Solana in the mix


  • MasterCard disclosed a new partnership with Polygon, Solana, Ava, and others during the Consensus 2023.
  • The product, MasterCard Crypto Credential, will be based on trust in the blockchain ecosystem.
  • Tools will verify trusted interactions and help secure interactions between web2 and web3 apps.
  • SOL has reacted positively to the news, outperforming MATIC, AVA, and APT. 

MasterCard revealed a new partnership with Polygon (MATIC), Ava, and Aptos, among others, on a joint venture set to advance their innovative work in blockchain technology. The product, dubbed MasterCard Crypto Credential, will enhance “trust in the blockchain ecosystem,” according to an official announcement at Consensus 23 on April 28.

The New York-based company is committed to expanding its Bitcoin and crypto card adoption. The crypto card program is designed to enable users’ digital asset use through MasterCard payment technology. Currently, the company boasts over three billion cards in circulation worldwide and is accepted at more than 90 million locations. 

MasterCard to instill trust in the blockchain ecosystem

Based on the announcement, the service will also “improve verification in non-fungible tokens (NFTs), ticketing, enterprise, and other payment solutions.” A host of blockchain companies is also partisan to the collaboration, including Solana (SOL), with a press release on the MasterCard Crypto Credential system underscoring its focus on trust in the blockchain space.

MasterCard head of crypto and blockchain, Raj Dhamodharan, who pioneered the company’s innovative growth initiative, detailed what the innovative system will entail, saying:

MasterCard Crypto Credentials will establish a set of common standards and infrastructures that will help attest trusted interactions among consumers and businesses using blockchain networks.

According to Dhamodharan, MasterCard Crypto Credential will have several applications based on the understanding that “consumer and business verification needs vary widely based on market and compliance requirements.” Nonetheless, the executive noted that the system would be integrated into the MasterCard Music Pass NFT and MasterCard Artist Accelerator offers.

Securing interactions between web2 and web3 apps

From the announcement, it appears MasterCard Crypto Credentials wants to ascertain that anyone who wants to interact across Web3 environments enjoys the set standards for their needed activities. With this, the partnership with networks such as Polygon and Solana, among others, underscores the potential of the technology.

Notably, this is not the first time MasterCard is collaborating with crypto firms. Among its older associates include a host of cryptocurrency exchanges like Binance, Nexo, and Gemini, all within the crypto card service scope.

Also Read: Will Visa and Mastercard retreat from crypto drive adoption of Crypto.com, Coinbase cards?

Solana price rises 5% on the day amid news of newly found collaborator

Solana (SOL) price is up almost 5% in the last 24 hours amid the MasterCard-related hype. The current market value is a 15% increase from its price 30 days ago, marking a notable improvement. A sustained increase in buyer momentum could send the Ethereum (ETH) killer up an additional 10% to the February 20 high of around $26.22.

SOL/USDT 1-day chart

MATIC, APT, and AVA have also reacted to the news in the lower timeframes, but still not as much as SOL.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP