MasterCard & Binance: 2 payment giants for an XXL crypto partnership? The crypto market remains very feverish. Thus, at the time of writing, the price of Bitcoin remains stuck around €21,000. In these difficult times, we are looking for the good news for crypto. Here is one that should delight crypto investors. The electronic payments giant MasterCard wants to open up to cryptos.
Payments giant MasterCard wants to get closer to Binance
We already knew that MasterCard is watching the evolution of cryptocurrencies carefully. Thus, in recent months, the MasterCard firm has been talked about for applications related to Web 3.0 or NFTs. But the company is now ready to move up a gear!
The information came straight from MasterCard CEO Michael Miebach. On LinkedIn, he declared that the potential of the blockchain can be "unlocked" if we multiply its applications. However, what better application than to integrate the blockchain into everyday electronic payments?
“We are working with Binance to enable people to use their crypto to make purchases at the over 90 million merchants that accept Mastercard." Michael Miebach, CEO of MasterCard
This is why the American company wants to get closer to another giant, Binance. As a reminder, Binance is one of the largest crypto exchanges in the world. To realize the size of Binance, you need to know these few figures:
21,500,000 active users;
- A daily trading volume of around 15 billion euros (according to CoinMarketCap data);
- Over 1,400,000 transactions per second;
- More than 2000 employees;
- More than 600 cryptocurrencies listed;
- A site in 36 languages.
For example, MasterCard and Binance had already teamed up to offer a crypto card in Argentina. This card worked on the MasterCard network and automatically converted cryptos into fiat money. Thus, it was possible to make everyday purchases in crypto! Unsurprisingly, this card was a great success in a country affected by monster inflation.
How MasterCard envision the future of blockchain?
For Michael Miebach, blockchain is here to stay. The question is therefore no longer whether the blockchain will prevail in the industry but when. For him, he envisions that the blockchain could settle in most sectors within 5 years.
These remarks are reminiscent of those he made earlier in the year in the spring of 2022 at the Davos Forum. At the time, he had declared that the SWIFT interbank system would no longer exist within 5 years. For him, the SWIFT system did not seem to represent the future of interbank payments.
Unsurprisingly, his statement had caused quite a stir. So much so that a spokesperson for MasterCard shortly after tried to dilute Michael Miebach's remarks somewhat.
Be that as it may, the idea of a merger between MasterCard and Binance is anything but illusory. Such a partnership would have an immense effect on the crypto markets, which badly need it.
READ MORE: Nike's NFT Revenue Surpasses $185 Million
0 Comments