Crypto on the Rise: How to Move the Crypto Economy Forward

Digital assets such as cryptocurrencies and central bank digital currencies have the potential to transform the infrastructure of the financial system. And NFTs, blockchain games and metaverse experiences can change how consumers shop and communicate.

But to unlock that potential, we need to bring together the best in technology, banking, fintech and crypto. This will create a range of new services and make the movement of money faster, easier and cheaper. The long-awaited promise of turning crypto into a payment tool may be achieved.

These collaborations can also help the crypto ecosystem improve security for users, counter future market turmoil, and achieve greater mainstream adoption.

Soon, the ability to own and use a digital currency may be as seamless as making a contactless card payment. There’s a long way to go to make it all possible, but here’s what we’re developing today to make it happen.

01
Crypto card

These cards are a valuable bridge between existing financial services and the growing crypto ecosystem. In total, we’ve announced dozens of new crypto card programs globally this year. For example, we worked with Gemini in the US on a credit card that pays out rewards in cryptocurrencies. In Argentina, we launched a prepaid card with Binance that allows users to fund their card with crypto, which is converted to fiat currency instantly when they make payments. And most recently, in Europe, we announced the world’s first physical debit card that can be customized to include a customer’s NFT avatar.

02
Services for crypto

Mastercard is a provider of cyber security, digital ID, consulting and open banking services to tens of thousands of financial institutions. We will be using the same tools to provide more support to crypto players and issuers. We have expanded our consulting work to include a dedicated crypto practice. Last year we completed the acquisition of CipherTrace, which tracks and investigates fraudulent behavior in crypto transactions. Building on these capabilities, we are making buying crypto easier and safer with the launch of Crypto Secure, which is powered by CipherTrace technology to help card issuers comply with regulations and assess the risk profile of crypto transactions.

03
Payments

We’ve partnered with a handful of top-tier crypto-focused companies—including Paxos, Circle, Evolve, and Uphold—to develop ways for people to quickly convert crypto to fiat to make payments. This work will support current and future crypto card partnerships.

04
Crypto on our networks

An important way to expand people’s choices is to bring certain Mastercard-approved digital assets onto our networks, a plan we announced last year that continues to move forward. A cryptocurrency will only be used on our networks if it provides consumer protection, strict regulatory compliance and stability.

05
Metaverse and NFTs

Just as we have partnered with crypto cards and payments, we are working to expand our partnerships to support NFTs and the metaverse. Coinbase users can now pay for NFTs with Mastercard, and in June we announced plans to bring the same capabilities to eight new NFT marketplaces and infrastructure providers.

We already operate a trusted global network that enables payments with a single tap or click. That’s what the crypto economy needs to support the next million users – or the next billion. We are excited to prioritize these core areas to give people more access to the crypto ecosystem and help it continue to innovate and grow.