Why is Mastercard partnering with cryptocurrency platform Binance?

We’ve seen it lately, banks are increasingly investing in the crypto world. Indeed, it is enough to observe the main thing companies investing in blockchain. Three banks are in the top 5 companies that invested the most in the previous year.

With BlackRock in second place, Morgan Stanley in third and Goldman Sachs in fifth. We also saw that VISA bought CryptoPunks last fall for a modest sum of 141,000 euros.

As you have already realized, banks are increasingly adopting everything related to blockchain. This is even more the case with Mastercard, which is linked to Cryptocurrency exchange platform Binance. But then why is this partnership happening? Let’s see it together in this blog post!

Here’s why Mastercard is partnering with Binance

As explained earlier, Mastercard is now partnering with the exchange cryptocurrencies Binance. But then why are they teaming up? Mastercard and Binance are teaming up facilitate cryptocurrency payments. Indeed, according to Michael Miebach, CEO of Mastercard “Cryptocurrency payments can “unleash the full potential of blockchain technology”.

He also claimed that “To make this a reality, we are working with Binance to allow people to use their cryptocurrencies to they shop in over 90 million stores that accept Mastercard”

Please note that Mastercard also wants to work more and more with NFTs. Indeed, at the beginning of the summer, the company announced that it is in partnership with the famous NFT project The Sandbox, as well as Mintable, Immutable X, the Nifty Gateway platform and MoonPay, in order to facilitate the way of acquiring NFTs.