Mastercard explores Web3 alliances: MetaMask and Ledger included | Taza Khabre

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Global payments giant Mastercard is looking at potential partnerships with self-custodial wallet companies, such as MetaMask and Ledger, as part of its strategic push into the Web3 space.

Citing an internal report from a Web3 strategy workshop, CoinDesk It said on Tuesday that Mastercard sees the integration of payment cards with self-custody wallets as a mutually beneficial effort to help wallet providers grow their user base and loyalty, while cardholders can spend your crypto without problems.

However, Mastercard acknowledged the resource-intensive nature of launching cards in new regions, which is where the company, along with its issuing partners, can provide support.

In addition to these initiatives, Mastercard is evaluating new global issuance models that leverage stablecoins and “cheap fast chains.”

The report does not clarify what is meant by “cheap fast chains”, but it is likely to refer to the use of stablecoins in layer 2 solutions or the base layer of blockchains other than Bitcoin (BTC ) or Ethereum (ETH). .

In addition, the company is working on crypto-related projects through a number of new solutions, including the Multi-Token Mastercard Network, Crypto Credential, the CBDC Partner Program and new card programs that connect Web2 and Web3 technologies .

Credit card networks going crypto

Mastercard’s move follows a broader trend of major credit card networks moving into the crypto landscape despite a challenging regulatory environment in many parts of the world.

Visa, another major player, earlier this year reiterated its commitment to crypto, refuting recent reports that the payments giant plans to halt its crypto push due to uncertain market conditions.

Among the crypto projects Visa has embarked on is a test with Ethereum aimed at demonstrating how users can pay their gas fees on-chain directly in fiat money via Visa card payments.

Mastercard to launch franchise standards

According to the CoinDesk report, the next step that Mastercard has planned for its venture into crypto is now to launch a set of franchise standards, aimed at ensuring consumer protection, price competition and control requirements of transactions

If those standards are validated, Mastercard’s will launch a card aimed at the European Union or the United Kingdom as an initial market, according to the report.

The overall goal is to provide users with a simple and tax-efficient solution that enables seamless transactions without the need for upfront funding or spending any crypto.

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