bitcoin

“The Future is Here” – Visa, Mastercard and Binance Suddenly Make Bitcoin, Ethereum, XRP, Solana, Cardano and Tether Payments a Reality Despite Falling Prices


Bitcoin
BTC
Ethereum and other major cryptocurrencies are suffering from the beginnings of what could be a brutal crypto winter in which a crypto exchange CEO fears that “anything could happen”.

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The price of bitcoin is down around 50% since the start of the year while the price of ethereum and other top ten cryptocurrencies including BNB
BNB
XRP
XRP
solana and cardano also fell as the crypto market teeters on the $1 trillion razor’s edge.

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Now the cards and payments giant Mastercard
MY
announced a partnership with the world’s largest crypto exchange, Binance, to launch bitcoin and crypto payments in-store and online, while Mastercard competes with Visa
V
also saw a rise in its crypto payment cards.

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Mastercard is set to launch a cryptocurrency payment card – supporting 14 cryptocurrencies, including the US dollar-pegged stablecoin, bitcoin, ethereum, BNB, cardano, solana, XRP and others – after reaching an agreement with Binance.

“Mastercard’s plan to integrate crypto could be a revelation for rivals like Visa, which could follow in Mastercard’s footsteps, to lead the payments industry in this space,” Marcus Sotiriou, analyst at the brokerage. GlobalBlock digital assets, said in the email comments.

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The crypto card will allow users to pay for their daily purchases using the crypto they have in their Binance accounts. The card converts cryptocurrencies into fiat currency at the point of sale and will first launch in Argentina ahead of a planned wider rollout that will support some 90 million online and physical stores.

“We can unlock the full potential of blockchain technology when we make it easier to access and easier to use,” Mastercard chief executive Michael Miebach wrote in a LinkedIn post. “One way to do that is to bring crypto to everyday shopping.”

Binance reposted its comments, adding, “The future is here.”

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Meanwhile, Latin American crypto firm Ripio has started rolling out a prepaid debit card in Brazil that supports crypto payments and offers users bitcoin cashback rewards, Ripio CEO Sebastian Serrano said. Coindesk this week.

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“This is the first major tokenization project and the first very large company in Latin America to integrate crypto, but we also believe that this is something that will become mainstream and we want to be catalysts for the future,” Serrano said. .

In January, Visa revealed that its users made $2.5 billion in payments with its crypto-related cards in its first fiscal quarter of 2022, more than half of Visa’s total crypto volume for 2021.

“This indicates that consumers see the value in having a Visa card linked to an account on a crypto platform,” Visa chief financial officer Vasant Prabhu said. CNBC at the time. “It helps to be able to access that cash, fund purchases and manage expenses, and do it instantly and transparently.”

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