Taking an important step at the Money20/20 event held in Las Vegas, Mastercard and MoonPay announced that they have established a strategic partnership to enter the Blockchain-based Web3 world and redefine customer loyalty and loyalty. This collaboration aims to bridge the gap between the traditional financial industry and emerging cryptocurrencies and NFTs. Here are the details…
Mastercard took the cryptocurrency step
Known for its extensive presence in the global payments space, Mastercard is actively exploring various aspects of the Web3 space, from stablecoin-based payments to reducing gas fees on Ethereum transactions. They underscore their commitment to this rapidly evolving industry, particularly by working closely with non-custodial wallet companies such as MetaMask and Ledger. The cornerstone of this partnership lies in MoonPay’s integration of Mastercard’s Crypto Credential system, the latest technology designed to ensure the reliability and convenience of cryptocurrency transactions.
This move is in line with Mastercard’s ongoing efforts to create a robust and secure framework for blockchain-based payments. MoonPay will also integrate core payment technologies offered by Mastercard, such as Mastercard Send and Click to Pay. These technologies will streamline and improve the user experience on the MoonPay platform, making cryptocurrency and NFT transactions more accessible and user-friendly. This partnership extends beyond financial aspects, as MoonPay’s subsidiary Otherlife will play a key role in this collaboration. Otherlife specializes in providing a wide range of Web3 creative, development, strategy and experiential services. Otherlife’s involvement underscores Mastercard and MoonPay’s holistic approach to Web3 interaction.
MoonPay stands out in the web3 space
MoonPay co-founder and CEO Ivan Soto-Wright expressed his excitement about the collaboration. “We are excited to collaborate with Mastercard, a leading supporter of Web3 and the digital economy, to redefine customer loyalty and engagement,” he said. This partnership represents a significant step towards the integration of traditional financial institutions with the emerging world of cryptocurrencies and NFTs. It is expected to pave the way for more innovations in the Web3 space and offer consumers a seamless and secure experience when interacting with Blockchain-based assets.
Mastercard’s journey into the Web3 world began in 2022, when it first collaborated with MoonPay to enable cardholders to purchase NFTs. The ongoing partnership underlines their commitment to being at the forefront of the evolving digital economy. As both Mastercard and MoonPay embrace the transformative potential of Web3, the future holds exciting possibilities for consumers and the digital economy at large.
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