The Financial Services Committee has approved the Keep Your Coins Bill, marking a significant step in crypto self-custody regulation.
- Mastercard partners with MoonPay, one of the world’s most prominent apps for cryptocurrency and NFT payments.
- The partnership will allow the company to explore how blockchain technology can be used to connect with and foster customer loyalty.
Mastercard Has Joined Forces With MoonPay
MoonPay is an app for cryptocurrency payments that has integrated most viral payment systems, including Apple Pay and Google Pay.
Companies like Mastercard are diving into Web3, exploring various projects from payments with stablecoins to cutting out extra costs.
Through this partnership, MoonPay will use Mastercard’s Crypto Credential system.
This system makes sure transactions follow the rules and can be trusted. It also includes payment technologies like Mastercard Send and Click to Pay.
Otherlife, part of MoonPay, which helps with creative Web3 projects, development, planning, and experiences, will be important in this collaboration.
“We are thrilled to work with Mastercard, known for backing Web3 and the online economy, to bring a new twist to how we keep customers interested and loyal,”MoonPay’s co-founder and CEO, Ivan Soto-Wright
Mastercard Plans to Collaborate with Web3 Self-Custody Wallet Firms
Mastercard is considering potential collaborations with digital wallet companies such as MetaMask and Ledger, as detailed in a Web3 strategy workshop.
The company highlighted that payment cards could help these wallet services grow their active user base, foster loyalty, and revenue.
However, wallet companies encounter considerable challenges, especially resource constraints, when launching a card service in new areas.
This is where Mastercard and its card-issuing allies can offer support.
The 57-year-old payment tech company also looks into innovative global issuance models using on-chain stablecoin settlements and cost-effective blockchain networks.
The World of Traditional Finance Turns to Crypto
Major credit card conglomerates are forging ahead with crypto initiatives despite challenging market dynamics and regulatory gray areas, particularly in the U.S.
Mastercard announced its Engage program earlier, emphasizing its strategy to launch new crypto card schemes.
This can only make the life of simple crypto investors better. With the partnership with MoonPay, Mastercard can now offer many more crypto-related services.
While this collaboration won’t directly affect buying and selling assets, it is a first step for investors to come closer to a more regulated market.