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Wirex and Mastercard make it easier for consumers to hold and activate cryptocurrencies

By Ken Wong - on 13 Aug 2020, 4:08pm

Wirex and Mastercard make it easier for consumers to hold and activate cryptocurrencies

Image courtesy of Worldspectrum from Pexels

Cryptocurrency platform Wirex has been granted Mastercard principal membership under the Mastercard Accelerate program, making it the first native cryptocurrency platform allowed it to directly issue payment cards.

Founded in 2014, the London-based digital payments firm will find it easier for their customers to buy, hold and exchange crypto into fiat money (a government-issued currency that isn't backed by a commodity such as gold). No announcement as to the types of fiat currencies have been made yet. We will update this article if we receive any further news.

This adds onto Wirex’s partnerships with payments companies, as they already had a tie-up with Visa via a debit card issued by Wirecard. However, Wirecard’s recent financial scandals mean their partners are looking for alternatives.


Mastercard Accelerate

As interest in digital currencies continues to grow, Mastercard announced the expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market.

Mastercard is inviting cryptocurrency and crypto card partners to join Mastercard’s Accelerate program for emerging brands and fintechs that was launched in October last year, to give them access to everything they need to grow quickly.


Recent Mastercard moves

Recently, in partnership with fintech company SoFi, Samsung entered the virtual banking world with Samsung Money. Samsung Money combines a cash management account and a Mastercard-branded debit card with tight integration with Samsung Pay.

In Singapore, MasterCard launched the next generation of online payment solutions with a seamless checkout solution that eliminates passwords, protects data with smart security and makes transactions a breeze with just a few clicks.