According to the company’s latest blog, Binance, the biggest cryptocurrency exchange in the world, has made an announcement on its support for Mastercard credit and debit cards in the United Kingdom and the European Economic Area (EEA) for the sell-crypto-for-fiat feature.
After completing the necessary steps to verify their accounts, customers may now sell any cryptocurrency in exchange for fiat currency. In addition, customers have the ability to instantaneously transfer received amounts to credit or debit cards issued by Visa or Mastercard.
These functions are made accessible on Binance via the services of third-party partners with whom Binance occasionally collaborates. Binance does not directly supply these features. According to Binance, it is essential to keep in mind that all of the dealings take place locally and that there is no transfer of funds to another country.
Mastercard continues to make its foray into the cryptocurrency industry. In a related development, yesterday, one of the world’s largest credit card companies made an announcement that it will be welcoming seven new blockchain businesses into its Mastercard Start Path global startup engagement program.
The selected businesses include Loot Bolt, a Web3 payments startup. Quadrata, a cryptocurrency privacy and compliance company. Uptop, a startup that aims to utilizes blockchain technology to assist companies in personalizing the customer experience.
Mastercard’s Start Path intends to spark innovation in the cryptocurrency area and expedite the hybridization of Web3 and new fintech technologies with existing financial infrastructure by bringing together a variety of companies operating in distinct subfields of the cryptocurrency industry.
The initiative is all ready to bring in a new wave of funds and new methods of doing business, and has claimed that everything is in place to make this happen.