Recently, Mastercard and Binance announced the termination of their crypto card relationship. Only a few countries have chosen this decision. Argentina, Brazil, and Colombia are included. The changes will go into effect at the end of September.
Binance’s crypto cards essentially allow customers to utilize their crypto in ordinary money payments. This is huge news in the blockchain industry. It is crucial to note that this decision has no bearing on other Mastercard-related programs. There are a lot of crypto projects where Mastercard has invested time and their resources in.
Until now, Mastercard’s collaboration with other crypto exchanges has remained the same. There has been no fresh information on this issue. Furthermore, the precise reason for terminating the contract in the first place has not been disclosed.
If you’ve been paying attention to the headlines lately, you’ll notice that Binance has been having a lot of issues. The Securities and Exchange Commission (SEC) sued them a few months ago. Furthermore, Binance has responded by stating that it will vigorously defend itself.
However, Mastercard’s head of crypto and blockchain, Raj Dhamodharan, previously stated that the corporation is looking to collaborate with more cryptocurrency firms. He said that all relationship, including card programs, is carefully evaluated. This is wonderful news for the community because Mastercard is still interested in cryptocurrency. Furthermore, future projects may result in new industrial innovation.
It was significant news when Mastercard originally chose to partner with Binance. This also allowed a large number of new people to become acquainted with blockchain technology. Overall, it was a wise decision in terms of customer satisfaction.
Conclusion
While the decision to discontinue the Binance crypto card service in certain locations has been made, it is crucial to remember that cryptocurrency can be used in a variety of ways. Customers who were using this service before September 22nd will need to look into other solutions for their crypto transactions.
