Mastercard and MoonPay, a platform facilitating cryptocurrency and NFT transactions, have announced a collaboration to delve deeper into the opportunities presented by the Web3 ecosystem. The partnership was publicized at the Money20/20 event held in Las Vegas.
Recent times have witnessed major card networks such as Mastercard and Visa actively exploring the Web3 domain, with endeavors spanning from facilitating payments via stablecoins to minimizing Ethereum transaction gas fees. A noteworthy recent development saw Mastercard’s collaboration with non-custodial wallet providers like MetaMask and Ledger, as showcased in a Web3-focused presentation.
This new alliance empowers MoonPay to harness Mastercard’s Crypto Credential system, designed to vouch for the trustworthiness and regulatory compliance of transactions. Moreover, MoonPay will be integrating Mastercard’s innovative payment technologies, including Mastercard Send and Click to Pay, as detailed in a blog post.
Another significant component of this collaboration is MoonPay’s subsidiary, Otherlife. Specializing in Web3-centric creative agency services, development strategies, and experiential offerings, Otherlife is poised to play a pivotal role in this partnership.
MoonPay’s CEO and co-founder, Ivan Soto-Wright, expressed enthusiasm about the joint venture in the blog post, emphasizing Mastercard’s position as a stalwart advocate for the Web3 and digital sectors. He believes this collaboration has the potential to revolutionize concepts of customer loyalty and interaction.
It’s worth noting that Mastercard’s association with MoonPay isn’t a new development. In 2022, the two entities joined forces in a bid to allow Mastercard users to purchase NFTs seamlessly.