Mastercard to Begin Working with Binance

Mastercard CEO Michael Miebach revealed that the company is working with Binance to enable purchases in more than 90 million stores around the world.

In his post on LinkedIn Miebach wrote that to unlock the full potential of blockchain technology it is necessary to bring cryptocurrencies into everyday purchases.

By collaborating with Binance, Mastercard aims to enable cryptocurrency holders to make purchases at more than 90 million stores around the world that accept Mastercard. The project will be launched in Argentina, where the national currency inflation stands at 71 percent.

This step comes amid tightening competition between Mastercard and Visa for the dominance in the cryptocurrency sector. Recently, Visa announced the launch of a new Bitcoin prepaid card with cashback in BTC in Brazil. The project will be carried out with the help of the Ripio Card, created by Brazilian cryptocurrency broker Ripio in partnership with Visa.