Mastercard and Chainlink have announced a new partnership that will allow more than three billion Mastercard users to purchase cryptocurrency and NFT tokens through their payment system.
Mastercard and Chainlink Collaboration
On June 24, the Mastercard team confirmed its partnership with Chainlink aimed at simplifying cryptocurrency purchases. This collaboration will enable over 3 billion Mastercard cardholders to directly purchase crypto assets on-chain using a secure fiat-to-crypto conversion system. The partnership integrates Mastercard’s global payment network with Chainlink’s interoperability infrastructure.
Role of Chainlink in the Crypto Space
Chainlink is a decentralized oracle network that connects smart contracts on blockchains with real-world data. It acts as a bridge, enabling smart contracts to interact with external data sources such as financial companies and government organizations. Chainlink powers various applications, including decentralized finance and NFTs, and has enabled tens of trillions of dollars in transaction value within the blockchain economy since its inception.
Impact on the NFT Market
The Mastercard and Chainlink partnership arises at a time when Real World Asset NFTs are driving a significant rebound in the NFT market. Under this integration, Chainlink will enhance Real World Asset tokenization by providing secure and reliable off-chain data and connectivity to smart contracts. This partnership represents a significant step forward in bridging traditional payment infrastructure with decentralized finance.
The Mastercard and Chainlink partnership creates new opportunities for integrating traditional and digital currencies, providing users access to cryptocurrencies and NFTs through familiar payment methods.
