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Mastercard pushes further into crypto with new MoonPay partnership

Mastercard will take advantage of crypto firm MoonPay’s “entire Web3 portfolio”, from auth to minting to ETHPass, MoonPay’s President said.

Mastercard – one of the largest payment networks in the world – has made further inroads into Web3 this week through a new partnership with crypto payment provider MoonPay.

In an October 25 announcement, MoonPay said the company plans to “embed” Mastercard products to improve trust, compliance and efficiency across the wider Web3 industry.

The partnership will explore how Web3 can be used to enhance experiential marketing, particularly across Mastercard’s “renowned sponsorship portfolio”.

MoonPay also plans on incorporating Mastercard Crypto Credential, Mastercard Send and Click to Pay into its Web3 stack.

Keith Grossman, President of MoonPay, wrote on LinkedIn that Mastercard will “take advantage of MoonPay’s entire Web3 portfolio, including auth to minting to ETHPass and more, as well as work closely with our agency, Otherlife, for strategy, creative and front-end dev work for their experiential initiatives.”

MoonPay’s co-founder and CEO Ivan Soto-Wright said the partnership aims to broaden the industry’s overall reach.

He said, “We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement. Joining forces will create new opportunities to showcase blockchain’s potential in establishing unique connections and meaningful moments while broadening our industry’s overall reach.”

Mastercard is no stranger to Web3

Mastercard began showing support for crypto in 2021 and has since fostered partnerships with some of the biggest names in Web3, including Ripple, Consensys and more.

It has also forayed into the world of central bank digital currencies (CBDC), recently demonstrating a new solution that enables CBDCs to be tokenised, or ‘wrapped’, onto different blockchains, such as Ethereum.

Read more: “Is safe the new sexy?”: Mastercard forms CBDC partnerships with Ripple, Consensys and more

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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