Mastercard uses Chainlink to provide on-chain Fiat Currency to Cryptocurrency exchange services for cardholders

Gate News bot message, according to The Block, in recent years, Visa and Mastercard have announced multiple partnerships aimed at making it easier for consumers to use Cryptocurrency. On Tuesday, Chainlink announced a collaboration with Mastercard to make it easier for users to purchase Cryptocurrency with their cards, enabling direct, Compliance, and fully on-chain Fiat Currency to Crypto Assets transactions.

Chainlink and Mastercard stated in a declaration that through this collaboration, global cardholders will be able to "exchange Fiat Currency for Cryptocurrency securely, directly purchasing encryption assets on-chain". The move aims to eliminate the "long-standing barriers that have prevented mainstream users from entering the on-chain economy".

So far, most of the collaborations between Visa and Mastercard in the cryptocurrency space have revolved around issuing branded cards, which allow people to easily exchange their cryptocurrency held in specific digital wallets into Fiat Currency. This includes the recent encryption card collaboration between Uphold and the World project supported by Sam Altman.

Mastercard's blockchain and digital assets executive vice president Raj Dhamodharan said in a statement: "People want to be able to connect to the digital asset ecosystem easily, and vice versa. We are exploring a secure and innovative way to completely change on-chain business and drive wider adoption of encrypted assets."