Mastercard has launched a new card that allows spending with Bitcoin and other cryptocurrencies without converting them to fiat money first. This move is seen as a significant development in the cryptocurrency sector.
New Card Features
The card allows users to spend their cryptocurrencies directly and does not offer any custodial services. This means users must manage their own cryptocurrency wallets. Mastercard officials state that this feature allows users to use their cryptocurrencies more securely.
Usage Areas
The card can be used at all locations worldwide that accept Mastercard. This means users can easily use their cryptocurrencies for daily shopping. Additionally, the card can also be used for online shopping.
Security and Privacy
Mastercard states that this new card is equipped with high-security measures and prioritizes the privacy of user information. Cardholders will receive real-time notifications through a mobile app to track their spending. This way, any suspicious transactions can be quickly detected.
While various sources have welcomed Mastercard’s initiative in the cryptocurrency sector, some experts point out that users having to manage their own wallets could be a disadvantage. Additionally, the widespread use of such cards is believed to contribute to greater adoption of cryptocurrencies. Previous reports have indicated that Mastercard has taken various steps showing its interest in the cryptocurrency sector. Notably, the company has previously worked on cryptocurrency payment solutions and collaborated with some cryptocurrency service providers. The new card service appears to be a continuation of these steps.
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