Mastercard has announced its partnership with Immersve, a Web3 technology innovator, to allow crypto payments through USDC settlements. The collaboration will enable users to make direct crypto payments across digital, physical, and metaverse sectors.
The partnership between Mastercard and Immersve will utilize the U.S. dollar-backed stablecoin USD Coin (USDC) to settle transactions on the network. USDC will be converted to fiat currency, which will be used to settle transactions on Mastercard’s network, allowing for seamless transactions. Immersve’s APIs and smart contracts will enable web3 wallets and decentralized finance protocols’ integration.
About the partnership
This partnership marks a significant milestone in the adoption of cryptocurrencies as a mainstream payment option. Users can now make direct payments using their existing Web3 wallets without relying on third parties for collateral.
According to Immersve CEO Jerome Faury:
“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of Web3 wallets.”
This development is expected to boost the acceptance and adoption in the mainstream market as the partnership opens up new opportunities for the usage of cryptocurrencies. As more companies embrace digital assets, it is becoming increasingly clear that the future of payments is digital, decentralized, and powered by blockchain technology.
Immersve is a web3 technology innovator company that is situated in New Zealand. Its goal is to bridge the gap between web3 and web2 apps by utilizing decentralized protocols, such as smart contracts.
According to the information provided on its company website, Immersve is a significant participant in the Mastercard network. It is possible to have either a centralized or decentralized payment experience when using its service platform. Exchanges and decentralized applications (dApps), such as web3 wallets and DeFi protocols, can simply interact with Immersve’s application programming interfaces (APIs), allowing them to transact in any location that accepts Mastercard.
Mastercard has been taking steps to integrate cryptocurrency into its payment systems, recognizing the growing demand for cryptocurrency as a payment option. The company recently partnered with Binance, the world’s largest cryptocurrency exchange, to launch a prepaid card in Brazil.
Mastercard has also announced a web3 incubator in cooperation with Polygon to assist upcoming artists in connecting with their followers and advancing their careers through the utilization of web3 tools and blockchain technology.
By allowing users to make direct crypto payments through USDC settlements, the partnership makes it more convenient and accessible for people to use digital currencies in everyday transactions. We can expect to see further developments in this space as the world of finance continues to evolve and adapt to new technologies.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.