Mastercard partners with Coinbase for NFT payments

Mastercard announced a partnership with Coinbase on Tuesday, the latest in a flurry of recent alliances between payment and cryptocurrency heavyweights.

Coinbase customers will be able to use Mastercard credit and debit cards to shop on the crypto exchange’s future NFT marketplace as part of the arrangement. Coinbase announced intentions to establish a platform for minting and buying non-fungible tokens late last year, which have grown in popularity in the previous year.

Coinbase aims easy system for users

Coinbase executives stated they hope to eliminate complexity in the NFT buying process by partnering with Mastercard. Customers can currently open a crypto wallet, purchase digital currencies, and then spend those on NFTs in an online marketplace. Meanwhile, Mastercard said it wants to enable consumers to have more options when it comes to paying for NFTs.

“Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive. As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas,” said Mastercard’s Raj Dhamodharan.

Mastercard and its partnership spree

Mastercard is one of the major credit card and payment corporations in the world and has recently been on a crypto partnership binge. In October, Mastercard announced a partnership with Bakkt to allow banks and merchants in its network to provide crypto-related services. It’s also collaborated with companies like Gemini, BitPay, and Mintable.

Visa, a competitor, has also been involved in the crypto area. Coinbase is one of more than 60 collaborations with companies in the area that the company has.

American Express has also stated that it is looking into using stablecoins with its cards and network. However, Amex CEO Stephen Squeri recently told Yahoo Finance that a crypto-linked card will not be available “anytime soon.”

As TheCoinRise reported recently, Coinbase has partnered with UnitedMasters to offer crypto payments for Music artists.