[Mastercard](https://www.mastercard.co.uk/en-gb.html) has obviously decided to broaden its cryptocurrency sector by going on a hiring spree. According to their ads on LinkedIn.com, the UK and Irish branches of the global card operator plan to hire crypto training directors, managers of blockchain and digital assets, senior data scientists and others.

Even though it’s still not official, it seems that with crypto hiring, Mastercard is recognising digital assets as an important part of the payments world. 

“We are seeing this fact play out on the Mastercard network, with people using cards to buy crypto assets,” the company said previously.
Users, especially in the UK are rapidly making use of crypto cards in order to trade with cryptocurrencies, make a profit and convert crypto to traditional currencies for spending.

To be clear, this data is not of any individuals — it's anonymised and in aggregate — but the trend is unmistakable.
The company already supports several cryptocurrencies on its network and has previously partnered with Wirex and BitPay. 

## Crypto adoption to happen ‘very soon’

However, the current discovery isn’t something we should be surprised by. On the recent webinar during Avalanche’s Powering Business with Blockchain series, the Mastercard’s VP of new product development and innovation, Harold Bossé stated that the global adoption of [blockchain](/news/category/blockchain-news) technology and cryptocurrencies will happen “sooner rather than later”.

“There are millions of individuals today consuming and sending digital assets around the world,” Bossé said. 
“They are early adopters and new adopters, but we have switched toward mass markets, and that will be a very important aspect for financial institutions to move into the space.”

Still, he commented that crypto sector stands before numerous challenges such as lack of knowledge among the management, speed, costs, regulations, etc. All of this is halting companies who perhaps would like to enter the market. Since Mastercard is clearly hiring professionals for its crypto segment to extend its payment services offering, there is no question that this could energize the dying credit card market. 




Mastercard crypto hiring spree in the UK

Crypto payment cards are on the way for the Asia Pacific region, thanks to partnerships involving Mastercard.

Mastercard has partnered with Amber, Bitkub and CoinJar, cryptocurrency service providers in Asia Pacific, to launch crypto-funded Mastercard payment cards. This will make it easier for consumers and corporates to spend cryptocurrency on physical or digital Mastercard payment cards

The agreements mean that, for the first time, consumers and businesses in the region can apply for crypto-linked Mastercard credit, debit or pre-paid cards. The cards allow them to instantly convert cryptocurrencies into fiat currency, which can be spent everywhere Mastercard is accepted.

## Mastercard Crypto Program

Mastercard’s partners are based in Thailand and Australia, offering cryptocurrency purchase and exchange services. The companies are the first APAC-based cryptocurrency platforms to join Mastercard’s global Crypto Card Program, designed to make it simpler and faster for crypto firms to bring secure, compliant payment cards to market.

Digital currencies are not currently widely accepted, so this crypto payment card converts the holder’s cryptocurrency to fiat, rather than transferring crypto to the merchant.

It will work online and offline, with currency always entering the Mastercard network as fiat currency.

Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard, said: ‘Cryptocurrencies are many things to people; an investment, a disruptive technology, or a unique financial tool.

‘As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative. In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.’

Michael Wu, Founder and CEO of Amber Group, added: ‘Amber Group is committed to serving clients with best-in-class technology and innovative product offerings. By joining forces with Mastercard, we will leverage our combined technology, solutions, and expertise to offer users in applicable jurisdictions a more streamlined digital finance experience.’

## A Sophisticated Card Solution

Founder and Group CEO of Bitkub. Jirayut Srupsrisopa. said: ‘Thailand is one of the most crypto-oriented markets in Asia Pacific, and so turning that broad asset ownership into something which is usable in an everyday context is a major step forward for Bitkub and our customers.

‘To make this happen, we are very pleased to be connected to Mastercard via our valued payments partner 2C2P to create a sophisticated card solution that allows crypto users to make payments by converting cryptocurrency to traditional fiat currency. I believe that our strong partnership will accelerate consumers’ use of crypto as a means of commerce, making payments more efficient and facilitating new economic activity for businesses worldwide.’

CoinJar CEO. Asher Tan. concluded: ‘As one of the world’s longest-running crypto exchanges, we’re thrilled to partner with a global giant like Mastercard to make cryptocurrency more accessible and useful than it’s ever been before.’

Mastercard Joins Crypto Payment Cards Project in Asia

Mastercard and Bakkt have [announced](https://www.businesswire.com/news/home/20211025005487/en/Mastercard-and-Bakkt-Partner-to-Offer-Innovative-Crypto-and-Loyalty-Solutions) that they are joining forces to enable crypto card payments. The aim is to make it easier for banks and financial firms to offer and accept crypto payments.

The partnership will roll out in the next few months. The project aims to pave the way for firms that want to offer crypto by letting them use Mastercard’s network of banks and other financial institutions.

## Mastercard Look to Make Crypto Easier

"To spend cryptocurrency globally today, you need a very complex ecosystem," said Kelly Loefller, CEO at Bakkt, and chief market and corporate development officer at Mastercard.

"We will continue to work with merchants and consumers to make it easy for them to use cryptocurrency."

"Cryptocurrency is going to play a foundational role in the future of our new payment system. We feel that by joining forces, we'll be able to deliver more value".

## Some Reluctant to Trade Crypto

The new system is also designed to appeal to institutional investors who are still reluctant to trade crypto because of volatility and complexities.

"Every asset class can benefit from a more efficient and speedier processing cycle," Loefller said.

"That's what we're trying to accomplish here."



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