Mastercard to open up support for cryptocurrencies

Mastercard

Mastercard Inc joined the league of big-ticket firms that have pledged to support cryptocurrencies as it revealed plans to offer support for some cryptocurrencies on its network this year.

The credit-card giant’s announcement comes days after Elon Musk’s Tesla Inc revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment.

Asset manager BlackRock Inc and payments companies Square and PayPal have also recently backed cryptocurrencies.

Mastercard already offers customers cards that allow people to transact using their cryptocurrencies, although without going through its network.

Mastercard specified that not all cryptocurrencies will be supported on its network, adding that many of the hundreds of digital assets in circulation still need to tighten their compliance measures.

Many cryptocurrencies have struggled to win the trust of mainstream investors and the general public due to their speculative nature and potential for money laundering.

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