Mastercard, one of the worldâs largest payments processors, says Wirex has become the first native crypto company to be able to directly issue payment cards to its customers.
- As part of an expansion of its cryptocurrency program, Mastercard said Monday it had granted Wirex principal membership status.
- Regulated by the U.K.âs Financial Conduct Authority (FCA), Wirex offers a payment facility that automatically exchanges crypto into fiat currencies.
- Wirexâs original card had been with rival Visa; the company will now be able to use Mastercardâs network for fiat currency payments.
- Mastercard processed more than $1.6 trillion in Q1 2020; an 8% increase year-on-year.
- Raj Dhamodharan, Mastercardâs executive vice president on digital assets and blockchain, said the company wanted to work within a maturing cryptocurrency industry.
- Mastercard also said it had made its processes easier for other crypto companies to become principal members as well as access some of its acceleration programs.
See also: BitPay Launches Prepaid Crypto Mastercard for US Customers
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