Mastercard to Integrate Cryptocurrencies Into Its Network.
The financial services company made the announcement on Feb.
10.
Whatever your opinions on cryptocurrencies -- from a dyed-in-wool fanatic to utter skeptic -- the fact remains that these digital assets are becoming a more important part of the payments world, Raj Dhamodharan, Mastercard's head of digital asset products, via blog post.
Mastercard isn't here to recommend you start using cryptocurrencies.
But we are here to enable customers, merchants and businesses to move digital value -- traditional or crypto -- however they want, Raj Dhamodharan, Mastercard's head of digital asset products, via blog post.
Currently, Mastercard offers cryptocurrency cards in partnership with vendors who convert the cryptocurrency into standard currency.
The new announcement means clients will now be able to pay directly with cryptocurrency instead of first having it converted.
Mastercard will only accept a select set of cryptocurrencies that meet a variety of standards.
This means that most altcoins won't be accepted.
Cryptocurrency has been on a roll this week with this announcement as well as the news that Tesla has invested over $1.5 billion into Bitcoin.