Coinbase, a US-based cryptocurrency exchange, has partnered with Mastercard to make the process of buying non-fungible tokens simple and easier.
According to the partnership agreement, Coinbase users will use Mastercard credit and debit cards on the exchange’s upcoming NFT marketplace to make their purchases. The agreement, however only marks the expansion of Mastercard which already exists in their partnership with Coinbase to allow users to make payments with the company debit cards
In a blog post, Mastercard executive vice president, Raj Dhamodharan, for Digital Assets and Blockchain products said:
“Today, if you want to buy an NFT such as a digital art piece you first need to open a crypto wallet, buy crypto, then use it to purchase an NFT in an online marketplace. Cryptocurrency enthusiasts are used to this process. But for most people, it’s not simple, it’s not intuitive. We think it should be much easier,”
In an announcement made in October 2021, Coinbase said that the Coinbase NFT platform will allow its users to discover, purchase, mint, and showcase non-fungible tokens in a peer-to-peer marketplace.
More than one million people signed up for the Coinbase NFT marketplace waitlist.
Coinbase is, however, yet to give details on when the platform will go live.
For Mastercard, this is not the first partnership with a crypto company, in October 2021 it partnered with Bakkt to allow the merchants and banks in its network to offer crypto-related services. Mastercard has also partnered with Mintable, Bitpay, and Gemini acquiring CipherTrace, a cryptocurrency intelligence company.
Mastercard’s close competitor, Visa, also has more than 60 partnerships with the crypto companies as well as Coinbase