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January 19, 2022

Coinbase teams up with Mastercard to make buying NFTs easier

Coinbase has signed a deal to enable its customers use Mastercard credit and debit cards for purchases on the crypto exchange’s upcoming NFT marketplace.

Last year, Coinbase announced plans to introduce Coinbase NFT, a marketplace for minting and buying nonfungible tokens, which have grown popular over the last 12 months.

By partnering with Mastercard, Coinbase expects to cut down the friction in the NFT buying process.

Currently, customers need to open up a crypto wallet to buy digital currencies, and then spend those on NFTs in an online marketplace.

Mastercard had stated that it is looking to aid in widening choice for consumers on paying for NFTs.

Mastercard EVP for Blockchain / Digital Asset Products & Partnerships Raj Dhamodharan said: “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.”

In the recent times, Mastercard has been on a spree of crypto partnerships.

Last October, it partnered with Bakkt to allow banks and merchants in its network offer crypto-associated services. It also teamed up with BitPay, Mintable, Gemini, among others.

Another credit card and payment company Visa has over 60 partnerships with companies in the crypto space, including with Coinbase.

American Express too is looking at using its cards and network with stablecoins.

Just as bitcoin, cryptocurrencies were initially designed to get around banks and intermediaries. However, with cryptocurrencies becoming mainstream, banks and payment companies too have adopted those, reported CNBC.

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