Mastercard has expanded its card offering, increasing efficiency in the way its partners can convert digital currency into fiat currency.
The expansion allows for users to have greater accessibility in the way they use digital currencies at outlets where Mastercard is utilised.
Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, commented: “Today, not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier.
“Through our engagement with Evolve, Paxos, Circle and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”
The move comes off the back of a strengthened collaboration between Mastercard and Evolve Bank & Trust and Paxos Trust Company, which has led to the testing of an offering that allows the expansion of greater transactions to digital currencies.
Digital currency has embarked upon a bounceback after a period of extended turbulence at the turn of the year. The decision of Mastercard can play a role in stabilising the currency and bringing mainstream stability to its movements.