MasterCard is one of the oldest companies in the financial industry, its brand is used by more than 25,000 financial institutions.

MasterCard recently signed a deal with London-based startup Wirex that operates as a cryptocurrency platform.

According to the cooperation and the signed agreement, Wirex has become the owner of the basic membership and thus can issue cards directly on the MasterCard network that support cryptocurrencies.

Raj Damodharan, Executive Vice President of MasterCard for Digital Assets and Blockchain Products, said:

The cryptocurrency market is still maturing, and MasterCard is pushing it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.

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Our work with Wirex and the broader crypto ecosystem is to accelerate innovation and empower consumers with more choices in how they pay.

In doing so, MasterCard will also bring more cryptocurrency companies into the cryptocurrency expansion initiative.

“Legitimacy of Crypto”:

This latest move and partnership from MasterCard and Wirex highlights how one of the world’s largest financial services companies has entered the still-nascent cryptocurrency industry.

It should be noted that digital currency payment cards are not new.

Last year, Coinbase launched its own card in partnership with Visa, MasterCard’s main competitor.

Coinbase recently became a major member of Visa, allowing it to offer more features with the card and launch it into new markets.

Wirex, which was founded in 2014, had also previously launched the “Visa” card before announcing the cooperation with “MasterCard”.

Wirex offers an app for people to buy and sell bitcoin, ethereum, and other cryptocurrencies, as well as support fiat currencies like dollars and euros.

Simon Taylor, Head of Projects at 11:FS Financial Advisors, said:

This is a watershed moment that offers broader legitimacy and is seen as the slow and steady evolution of crypto as global regulators increasingly put regulations and controls in place.

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“MasterCard” and “Visa” previously indicated their interest in the crypto sector, and this became evident after they joined the “Libra” currency.

But the two payment giants left Libra last year, after the initiative met with a regulatory backlash.

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