With digital assets and crypto-currencies gaining ground across the world, among individual investors and institutions, Mastercard will start supporting select crypto-currencies to enable their customers, merchants and businesses to use fiat or crypto currencies as per their choice, the card network giant said in a blogpost on Wednesday. Last year, Mastercard partnered with crypto-exchanges Wirex and Bitpay to launch crypto-cards and will be partnering with another exchange, LVL, which will allow people to transact using their crypto-currencies. It also launched a Central Bank Digital Currency (CBDCs) testing platform for central banks to test and develop their digital currencies on top of Mastercard's blockchain network. Mastercards' main competitor, Visa Inc. also has entered crypto-currency race with its own set of crypto-cards and services for digital currencies. "With 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide, we already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful," said Raj Dhamodharan, executive vice-president, digital asset and blockchain products and partnerships, Mastercard. As part of Mastercards' crypto strategy Dhamodharan says that then company will support crypto-currency payments directly on their network, which will provide customers and merchants different payment options and also open avenues for merchants to new customers who are actively using crypto-currencies. However, the card network "In all of these cases, cryptocurrencies still don’t move through our network. Our crypto partners convert the digital assets on their end to traditional currencies, then transmit them through to the Mastercard…
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