Mastercard and Chainlink have teamed up to make buying crypto easier than ever for millions of people. This partnership will let Mastercard’s 3 billion cardholders directly purchase cryptocurrency using decentralized finance (DeFi) platforms.
How it Works
This isn’t just Mastercard and Chainlink; several other companies are involved, including zerohash, Swapper Finance, Shift4 Payments, and XSwap. They’re using the Uniswap protocol to handle the transactions, allowing a seamless transition from traditional payment systems to the decentralized world of crypto. Zerohash will handle the technical side of converting traditional payments into cryptocurrency transactions on the Uniswap smart contract. Shift4 Payments, Swapper Finance, and XSwap are building a user-friendly app to make the whole process simple. XSwap, part of the Chainlink ecosystem, ensures everything runs smoothly and securely, handling compliance and transaction details.
What it Means
This partnership aims to break down the barriers between traditional finance and the world of cryptocurrency. It makes buying crypto as easy as making any other online purchase, removing the complexities that often deter mainstream users.
What the Experts Say
Chainlink co-founder, Sergey Nazarov, is thrilled about this development, highlighting Chainlink’s role in bridging the gap between traditional finance and DeFi. Mastercard’s Raj Dhamodharan believes this will meet significant customer demand for easy crypto access. Uniswap Labs’ Drew Turchin points out that Uniswap’s protocol is becoming a key part of the crypto infrastructure, enabling the creation of innovative tools like this one.
