Mastercard Eyes Crypto Expansion, Offers Debit Cards for Gemini and More

• Mastercard is seeking more partnerships with crypto entities to expand its cryptocurrency payment card offering.
• Mastercard offers cryptocurrency debit cards for several entities, including Gemini, Nexo, Bitso, Lulu Exchange, Bybit, and Binance.
• Traditional financial firms’ appetite for crypto has been reduced due to regulatory scrutiny.

Mastercard Eyes More Crypto Expansion Moves

Payments infrastructure company Mastercard is seeking more partnerships with crypto entities to expand its cryptocurrency payment card offering.

Existing Partnerships and Offers

Reuters reported that the company’s head of crypto and blockchain, Raj Dhamodharan, disclosed this on April 28. Beyond cryptocurrency payment cards, Mastercard also has relationships with other crypto entities like Coinbase and Bakkt. Other major card issuers such as Visa and American Express also have some collaborations with crypto firms.

Cryptocurrency Debit Card Offerings

Mastercard offers cryptocurrency debit cards for several entities including Gemini, Nexo, Bitso, Lulu Exchange, Bybit and Binance.

Reduced Appetite for Crypto

The recent regulatory scrutiny appears to have reduced traditional financial institutions’ appetite for such partnerships. Several crypto firms are currently struggling to find banking partners.

Companies Affected by Regulatory Scrutiny

Companies affected by the regulatory clampdown include Coinbase in the U.K., Kraken in Japan and Bitstamp in Europe. Despite this apparent decrease in appetite from traditional finance players however , companies like PayPal are still moving forward with their plans to enter the space .