Mastercard begins working with Binance
Mastercard begins working with Binance
Crypto

Mastercard begins working with Binance

By Marco Cavicchioli - 24 Aug 2022

Chevron down
Listen this article
download

Yesterday Mastercard CEO Michael Miebach revealed on his personal Linkedin profile that the company is working with Binance to enable purchases in more than 90 million stores

Mastercard has actually been working in the sector for some time now to enable cryptocurrency holders to use its network for fiat payments, but integration with the world’s leading crypto-exchange would still be a big step forward.

The new partnership between Binance and Mastercard

Miebach, in yesterday’s announcement, writes that it is possible to unlock the full potential of blockchain technology by making cryptocurrencies easier to use. One of the ways to do this is precisely to bring cryptocurrencies into everyday purchases

That is the purpose of the collaboration with Binance, which is to enable cryptocurrency holders to use them to make purchases at more than 90 million stores around the world that accept Mastercard. 

The project will start in Argentina, where the national currency inflation is at 71% given that the Argentine Peso (ARS) has been in free fall for a long time.

In the past 12 months, ARS has lost almost a third of its value against the Dollar, so much so that, for example, 1 BTC right now is worth about 2.9 million ARS, or only 37% less than 12 months ago. 

Over the years, the free fall of the Argentine Peso is even more evident; as compared to 4 years ago it has lost three-quarters of its value against the Dollar. Over the same period, Bitcoin has grown 114% against the Dollar, and by a stratospheric 1,350% against the Peso

The new partnership will make accessing the world of cryptocurrencies even easier

The challenge between VISA and Mastercard in the cryptocurrency world

VISA, Mastercard’s historical rival, is also making strides in cryptocurrency adoption

In fact, it recently announced the launch in Brazil of a new Bitcoin prepaid card with cashback in BTC

This is the so-called Ripio Card, created by Brazilian cryptocurrency broker Ripio in partnership with Visa.

It is an initiative of the Brazilian broker but authorized by VISA. The prepaid card will store cryptocurrencies that will be converted into fiat by Ripio only at the time of payment. Most interestingly, however, Ripio will initially give card users a 5% cashback in BTC

Cashback in Bitcoin could be the new frontier for the success of new payment methods.

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.