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Mastercard IncMA wants toteam up with self-custody wallet firms such asMetaMask and Ledger, according to aWeb3 strategy workshop presentation, reported CoinDesk.
The company believes the payment card canassist wallet providers in increasing active users, building loyaltyand generating additional revenue streams alongsidespending their crypto balances. Mastercard and its issuance partners will also help wallet firms meet theirresource demands while launching a card in a region.
Partner firms are likely to receive a set of franchise standards from Mastercard regarding consumer protection, price competitionand transaction monitoring requirements.
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The payment giant wantsto issue a card targeting the EU or U.K. as the first market for enabling consumers with a simple solution for smoother transactions without pre-funding, spending cryptoor dealing with taxes.
Other Initiatives: Despite challenges in crypto regulatory frameworks, credit card networks such asMastercard and Visa have been constantly looking to enhance their digital and cryptoinitiatives.
Mastercards product and solutions for the digital assets space, include the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Programand new card programs that connect Web2 and Web3. The companyalso enabled tokenization of CBDCs on different blockchains as part of a Reserve Bank of Australia digital currency project.
In similar moves, Visa extended its stablecoin settlement capabilities to the Solana blockchain in early September to modernize cross-border financial transactions.
Also Read: Economic Safari: Visa And Mastercard's Big Bet On Africa's Digital Wallets As E-commerce Growth Picks Up
Benzingas Future of Digital Assetsconference in New York on Nov.14. Attend and learn more about how payment companies are looking to evolve in the rapidly growing crypto landscape. The gathering is seen as pivotal for the digital assets community.The event will spotlight the latest trends, innovations,and challenges in the digital asset realm.
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