Mastercard inked a partnership with London-based crypto platform Wirex that will allow the company to issue cards on Mastercard’s network. Wirex already offers crypto-friendly Visa cards.

Why should we care?
The Wirex partnership is part of a bigger effort from Mastercard to make it easier for crypto card partners to bring secure, compliant payment cards to market. The tie-up moves crypto payments closer to the traditional financial system, a year after Coinbase launched a Visa card. Most payment cards issued by crypto companies have been with the Visa network. The move lays the groundwork for wider adoption of crypto payments, but consumer trust will take time to build. Instead of a game-changing moment, the news represents another step toward legitimization of crypto payments, as regulators put systems and controls in place, 11:FS head of Ventures Simon Taylor told CNBC.