Mastercard assigned a commercial license to cryptocurrency payments company Wirex, being the first of its kind to receive this membership from the financial services giant.
Evaluating the changes developed by the financial services multinational, the new strategy is more focused on the massive adoption of cryptocurrencies as a means of payment.
According to Raj Dhamodharan, Executive Vice President and Head of Digital Assets, Blockchain Products and Alliances section of Mastercard, “our work with Wirex and the crypto ecosystem is accelerating innovation and empowering consumers by giving them more options in payment methods.”
It also ensures that “currencies not controlled by governments are garbage” As explained in the press release, the membership obtained by Wirex will allow it to issue payment cards for its customers based in Europe, letting them make purchases with it, as well as exchange for a variety of available cryptocurrencies and withdraw cash from ATMs.
Users will be able to exchange their cryptocurrencies for national fiat currencies, which can be spent around the world where Mastercard is accepted. Coins will always be taken into account by the Mastercard system as a fiat currency.