Chainlink Partners With Mastercard Enabling 3 Billion Cardholders to Purchase Crypto
The blockchain oracle service provider has partnered with one of the world’s biggest charge card business to accelerate crypto adoption.
Chainlink and Mastercard have partnered to enable payment for 3 billion cardholders worldwide to purchase crypto assets straight on-chain through safe and secure fiat-to-crypto conversion. The collaboration is enabled by Chainlink’s secure interoperability facilities and Mastercard’s trusted global payments network, eliminating enduring barriers that have kept mainstream users from accessing the on-chain economy, the firms stated in a June 24 announcement.
Chainlink verifies and integrates essential transaction details to enable Mastercard holders to access crypto directly, the Chainlink team added. Chainlink Tweet
Crypto For The Masses
In addition to the key players, Chainlink and Mastercard, numerous other partners will have a role in the operation. Zerohash offers on-chain services, liquidity, custody, compliance, and transaction infrastructure, while Shift4 Payments enables smooth card processing. Swapper Finance and XSwap will provide a “next-generation” app experience and DEX functionality, and Uniswap sources liquidity from decentralized exchanges.
The system creates a unified experience where users can convert fiat currency into crypto through smart contract execution in a regulated manner, the announcement stated. XSwap sources liquidity from decentralized exchanges like Uniswap, allowing final swap execution on-chain while maintaining compliance. It did not specify whether access to crypto would be geofenced or only available in certain jurisdictions.
“This is the kind of traditional finance and decentralized finance convergence that Chainlink was built to enable,” said Chainlink co-founder Sergey Nazarov. He expressed excitement about Chainlink’s ability to facilitate the connection between the traditional payments world and the over 3 billion cardholders in the Mastercard user base, directly into the next generation trading environments of on-chain decentralized exchanges.
Raj Dhamodharan, executive vice president of blockchain and digital assets at Mastercard, stated that there was a strong desire for individuals to connect to the digital assets ecosystem quickly and vice versa.
LINK Price Reaction
Despite the monumental partnership, LINK prices have not seen significant movement as altcoins remain stagnant. LINK has gained a modest 3.8% on the day in line with a broader market uptick following the Middle East ceasefire. The asset was trading at around $13.40 at the time of writing, down 55% from its recent high of nearly $30 six months ago and a substantial 75% from its 2021 all-time high.
Source: CryptoPotato
