Traditional finance is increasingly closely intersecting with the cryptocurrency market. Mastercard announces crypto cards, Western Union plans to integrate cryptocurrency services, and Cash App adds the ability to make BTC payments.
Crypto technology is increasingly being integrated into traditional financial instruments. Recently, Mastercard signed an agreement with BitOasis, a major cryptocurrency platform. The cooperation is aimed at issuing crypto cards for residents of the Middle East and North Africa (MENA).
The partnership between the two companies will allow issuing virtual and physical Mastercard cards linked to crypto accounts on the BitOasis exchange. The first cards are planned to be released to the exchange’s users in early 2023.
Recently, Mastercard announced cooperation with Paxos to create a Crypto Source tool, which will open new opportunities to work with cryptocurrencies for traditional banks and fintech companies.
It also became known aboutWestern Union’s intention to integrate cryptocurrency services. Michael Kondoudis, USPTO Trademark Attorney, tweeted that the company has filed several trademarks applications related to cryptocurrencies, Web 3.0, and Metaverse.
Western Union plans to expand its services in the following areas:
- cryptocurrency transfers;
- digital asset exchange;
- buying and selling of cryptocurrencies;
- brokerage services;
- issue of digital tokens.
As a reminder, this year the number of organizations and individuals wishing to register new trademarks for cryptocurrencies, NFTs and Metaverse is actively growing.
Another major payment service plans to enter the crypto market. Cash App announced that the service allows BTC payments via a mobile app. This was announced on Twitter by Michael Rihani, Head of the project.
Cash App users will make transfers in BTC through the Lightning Network. To do this, the app needs to be updated to the latest version, after which Bitcoin will appear among the available currencies. After choosing the transfer in BTC, a user will have to scan a QR code and send BTC using any crypto wallet with the Lightning Network support.
The recent research showed that global BTC payments market could reach $3.8 trillion by 2031.
