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Mastercard's Collaboration With MoonPay for Web3 Advancement

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Oct 28, 2023 at 08:56 am

During the Money20/20 event held in Las Vegas, Mastercard and MoonPay, a payment application specializing in cryptocurrencies and non-fungible tokens (NFTs), jointly unveiled a groundbreaking collaboration. Their primary goal is to delve into the immense potential offered by the blockchain-based Web3 ecosystem, with a focus on establishing meaningful connections with consumers and nurturing brand loyalty.

Within the realm of Web3, leading card networks such as Visa and Mastercard have been actively participating in a spectrum of initiatives. These initiatives encompass a wide range of activities, from enabling payments based on stablecoins to addressing and mitigating Ethereum's transaction gas fees. Most recently, it was disclosed that Mastercard has been collaborating with non-custodial wallet providers, such as MetaMask and Ledger, as revealed during a Web3 workshop presentation.

The partnership with Mastercard grants MoonPay access to the Mastercard Crypto Credential system. This system is meticulously designed to ensure the trustworthiness of transactions and adherence to stringent regulatory requirements. Furthermore, MoonPay will seamlessly integrate advanced payment technologies, including Mastercard Send and Click to Pay, thereby enhancing the transaction experience within their platform.

Particularly noteworthy is the role played by Otherlife, a subsidiary of MoonPay. This entity specializes in offering a wide array of Web3 creative agency services, encompassing development, strategic planning, and experiential services. Their involvement is pivotal and underlines the comprehensive nature of this collaborative effort.

Ivan Soto-Wright, the co-founder and CEO of MoonPay, conveyed his excitement regarding this collaboration. He highlighted the substantial support that Mastercard extends to Web3 and the digital economy, and he perceives this partnership as a unique opportunity to reimagine customer loyalty and engagement through innovative approaches.

It's essential to recognize that the initial partnership between Mastercard and MoonPay was initiated in 2022 with the shared goal of enabling cardholders to engage in the purchase of non-fungible tokens (NFTs). This ongoing collaboration represents a significant stride forward in embracing the ever-evolving landscape of digital assets and Web3 technologies.

Read more: Web3Ease

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