PayPal and MasterCard open up to cryptocurrencies

PayPal and MasterCard open up to cryptocurrencies

Years ago, the MasterCard CEO, Ajay Banga, said that “currencies not controlled by a government were trash.” Now, his company has reconsidered this position and European users will be able to use, from anywhere in the world, MasterCard cards recharged with cryptocurrencies, through the Wirex service, a business for payments with cryptocurrencies.

Wirex and MasterCard alliance for taking in the world of cryptocurrencies

Wirex has become the first business on the planet to receive a commercial license from MasterCard, so it could enter the cryptocurrency promotion program. This membership will permit Wirex to issue payment cards for its European customers. They will be able to make purchases, as well as exchange several available cryptocurrencies and make cash withdrawals from corporate ATMs.

This is the second big contract that Wirex has obtained from a card issuer, since the one offered by Visa debit cards at the end of 2019.

Moreover, MasterCard opened he door so that various businesses in the cryptocurrency sector could affiliate with their accelerated program. The businesses in question will pass through a process lasting several weeks and, after obtaining membership, they can integrate MasterCard’s technology to their services.

Among the requirements demanded by MasterCard for granting membership are that the businesses guarantee security for the customer and protection for the transactions carried out. These businesses will have to work according to the laws and regulations of the countries where the operations are carried out and must implement the international anti-money-laundering mechanisms.

 

Paxos and PayPal have also jumped onto the cryptocurrency bandwagon

PayPal will begin to offer cryptocurrency services, after drawing up an agreement with Paxos. This business presented its service, Paxos Crypto Brokerage, an API that allows businesses to integrate capabilities for buying, selling, and sending cryptocurrencies on their own apps.

This Paxos functionality will be used by PayPal to integrate the services of buying and selling crypto-assets onto its platform, as well as managing the technical and regulating aspects of these services.

Paxos counts on a license from New York State that allows it to keep gold and cryptocurrency assets, like Bitcoin and Ethereum, belonging to institutional investors.

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