Coinbase and Mastercard partner to ‘simplify’ NFT purchasing

Coinbase found that numerous users find purchasing NFTs complex

Coinbase logo on smartphone set against a computer screen showing list of cryptocurrencies traded on the exchange                                 
Coinbase and Mastercard are working towards being able to class NFTs as “digital goods” – Photo: Alamy
                                

Coinbase, the largest cryptocurrency exchange in the US by trading volume, has partnered with Mastercard, the American multinational financial services corporation, to "simplify" the user experience and purchasing of non-fungible tokens (NFTs).

The crypto exchange states it helped millions of people access bitcoin (BTC) “for the first time in an easy and trustworthy way” and now wants to do the same for NFTs.

Coinbase’s mission “is to increase economic freedom in the world” and believes it should help more people to join the “creator economy” and profit from their work and NFTs.

The company also found that numerous users find purchasing NFTs complex, something the crypto exchange wishes to remedy.

“Digital goods”

Coinbase and Mastercard are working towards being able to class NFTs as “digital goods”, which they believe will allow a “broader” group of consumers to purchase NFTs.

In October 2021, Coinbase NFT was announced, a peer-to-peer marketplace which allows people to mint, purchase, showcase and discover NFTs easier. The crypto exchange said thanks to its partnership with Mastercard, Coinbase NFT can provide better customer experience.

Additionally, Coinbase NFT is planning on working to find a way to bring its NFT opportunities to “the broader ecosystem through Mastercard’s scale and global network”.

Mastercard’s Asia-Pacific region activity

In November 2021, Mastercard unveiled a trio of partnerships with cryptocurrency service providers to launch a crypto-linked Mastercard payment card for the Asia-Pacific region.

Amber Group, Thailand-based Bitkub and CoinJar in Australia became the first Asia-Pacific crypto platforms to join the Mastercard Crypto Card Programme. Launched in July 2021, the initiative marks Mastercard’s commitment to enhancing its card programme for crypto wallets and exchanges, “making it simpler for partners to convert cryptocurrency to traditional fiat currency”.

The company said: “For the first time, consumers and businesses in the Asia-Pacific region will be able to apply for crypto-linked Mastercard credit, debit or pre-paid cards that will enable them to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.”

The company believes consumers increasingly wish to fund everyday transactions with digital currencies.

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