Mastercard is now seemingly eyeing the possibility of enabling its merchants the option of receiving payments via cryptocurrencies, much like how PayPal integrated the same within its network late last year. Reports say that Mastercard wants to push for this concept to launch before the year ends.
As per the reports, the coming crypto payment functionality within the network aims to give Mastercard users the chance to settle payments through cryptocurrencies for the first time. This new initiative allow flexibility to both merchants and customers whilst also reinforcing the healthy dynamic among the businesses and store operators that decided to opt-in. Notably, Mastercard is yet to announce which cryptos it aims to support in this new initiative.
It is also worth noting that this isn’t the first time the payments firm tried its hand with crypto transactions. Although indirectly responsible, Mastercard already had the experience to work with cryptos via its partnership with Uphold and Wirex last year to supply payment cards to its users.
The massive influx of institutional investors and prominent firms within the crypto space continues
With Mastercard’s forthcoming entry to the crypto industry, the upward trend of high-profile companies looking to capitalize on the rapidly growing market remains strong. And with the recent Bitcoin (BTC) splurge of Elon Musk’s Tesla, reportedly involving over $1.5B, such trend can only go higher – Grayscale’s CEO, Michael Sonnenshein, certainly believes so.
On the February 10 episode of CNBC’s Squawk Box, Sonnenshein stated that the institutional demand for cryptocurrencies, particularly BTC, will only go higher as 2021 progresses. As impressive as the bull run of last year for the crypto may be, the persistent record-breaking influx of major firms could only mean that BTC will have an even better year.
According to Sonnenshein, the narrative surrounding BTC investments for companies has now drastically changed. The question of “why?” from previous years has now fully transformed into a “why not?” as more prominent companies now willingly commit billions of dollars towards the digital asset.