The New York State Department of Financial Services (NYDFS) has officially issued Mastercard a BitLicense to officially register its cryptocurrency payment service.
The license, which was introduced in August 2015, is considered the “golden” regulator of cryptocurrencies. It has the highest priority in compliance, cybersecurity, and consumer protection in the market.
With it, Mastercard can now support the sustainability of the blockchain for the sector of 3.1 billion owners worldwide. This is about 37% of the world’s population. Its services include the transfer, storage, and conversion of cryptocurrencies, including the sale of stablecoins and token deposits.
Mastercard enters the crypto ecosystem
Notably, the latest approval comes just a few days after the payment network partnered with chainlink-based oracle. The latter now provides real-time blockchain data to support crypto purchases via Mastercard.
The fund also acquired London-based stablecoin BVNK for $1.8 billion. This was the largest corporate acquisition in the history of stablecoins. It also positioned Mastercard as the leading link between traditional banking and social networks in more than 130 countries.
Speaking of BitLicenseJohn Lambert, the company’s chief marketing officer, said:
“Clear controls play an important role in building trust and confidence as new digital value models move from testing to implementation.”
Visa – Mastercard’s arch-rival and the world’s largest payment network – has also launched its own crypto integration transportation to its payment methods.
Last month, Visa expanded its global stablecoin pilot to include five additional blockchains for its business services.
On crypto Twitter, one commenter praised Mastercard, saying that the main adoption of crypto depended on it promotion of institutions not “not the words of seed and chastity.”
One pessimistic user said that payment companies are collecting fees instead of letting the rewards go to the miners as Satoshi wanted.
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