|

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.

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

More from Lockridge Okoth
Share:

Editor's Picks

Ripple falters amid sell-off jitters and negative funding rates

Ripple (XRP) has come under pressure, drifting lower to $1.35 at the time of writing on Tuesday. The over 2% correction looks poised to erase the previous day’s gains, which lifted the remittance token to $1.42.

Bitcoin could risk $50,000 amid the US-Iran war, mirroring the Russia-Ukraine war losses

Bitcoin (BTC) remains at downside risk amid escalation in the Middle East war, as Iran retaliates against the US, Israel, and its neighbouring countries. Drawing parallels to the early days of the Russia-Ukraine war, Bitcoin could extend losses below $60,000. 

Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear

The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.

Bitcoin slips below $67,000 as risk-aversion grows amid escalating US-Iran war

Bitcoin price slides 3% on Tuesday, nearly erasing the previous day's rebound. US-listed spot ETFs recorded an inflow of more than $450 million while Strategy added 3,015 BTC on Monday.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.