Cryptocurrency debit card issuer Wirex has become the first cryptocurrency company to be able to directly issue Mastercard payment cards to its customers.
The Mastercard payment system has granted the status of the main participant to the issuer of Wirex cryptocurrency cards. Wirex is regulated by the UK Financial Conduct Authority (FCA). The company offers a payment system that automatically exchanges cryptocurrencies for fiat currencies.
Initially, Wirex cards were issued in cooperation with Visa. The company will now be able to use the Mastercard network for payments in fiat currencies. Mastercard processed more than $ 1.6 trillion in payments in the first quarter of 2020.
Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain at Mastercard, said the company wants to work in the emerging cryptocurrency industry. The company has streamlined its payment network membership application processes for other cryptocurrency companies, as well as gaining access to some of its accelerator programs.
Recall that in February Mastercard joined the Blockchain Education Alliance, and last year it began to cooperate with the R3 blockchain consortium. In addition, Mastercard joined the Marco Polo blockchain trade finance platform last fall .