Partnerships Enhance Crypto Accessibility for Credit Card Users
A surge of collaborations is facilitating the process for regular credit card users to engage with cryptocurrencies on-chain and to utilize their crypto holdings via bank cards. On-chain platforms are actively working to connect conventional payment methods with decentralized finance (DeFi) as collaborations between cryptocurrency and credit card companies become more prevalent.
On June 24, Mastercard announced a partnership with Chainlink, a decentralized blockchain oracle network, enabling Mastercard users to buy cryptocurrencies directly on-chain. This initiative is poised to impact over 3 billion Mastercard cardholders, as detailed in the official press release. The on-chain service will be supported by zerohash, an infrastructure provider previously known as Seed CX, which secured $105 million in its Series D funding round in 2022, according to Pitchbook. Additional support for the integration comes from Swapper Finance, Shift4 Payments, XSwap, and the Uniswap protocol.
Sergey Nazarov, co-founder of Chainlink, elaborated on the collaboration during the Permissionless IV event in Brooklyn, stating, “What Chainlink does in this is it allows Mastercard and the DEX — in this case, Uniswap — and all the other participants, to interoperate, effectively creating the necessary connectivity and coordination.” He emphasized that this partnership exemplifies how major payment and technology firms like Mastercard are increasingly introducing mainstream audiences to the world of crypto.
Nazarov underscored that true mainstream adoption means enabling the average consumer to use familiar tools, such as credit cards, to access and engage in DeFi and on-chain trading. He expressed enthusiasm for Chainlink’s role in bridging traditional payments with over three billion Mastercard users to the innovative landscape of on-chain decentralized exchanges.
Shifting Focus from Crypto Cards to Integration
The collaboration between Mastercard and Chainlink signifies a wider movement towards merging traditional finance (TradFi) with DeFi, specifically aiming to simplify the participation of a broader audience in web3. Traditionally, the trend has leaned towards allowing cryptocurrency holders to conveniently spend their digital currencies as fiat through crypto-funded debit or credit cards.
In a recent example, Mastercard formed a partnership with leading centralized crypto exchange Kraken to offer crypto debit cards to customers in the UK and Europe. As of March 2025, Mastercard reported total assets of $48.47 billion, reflecting a 13.77% increase year-over-year, based on Macrotrends data. During this announcement, Kraken co-CEO David Ripley remarked, “Crypto is transforming the payments industry, and we envision a future where global commerce and everyday payments are powered by crypto assets.”
Additionally, cryptocurrency exchange Coinbase revealed plans to launch its Coinbase One Card later this year in collaboration with American Express, which will provide users with up to 4% back in Bitcoin on purchases. The Gemini Credit Card, another Mastercard partnership, debuted as early as 2021.
The blending of cryptocurrency with traditional payment systems comes at a time when lawmakers are increasingly recognizing digital assets and advocating for clearer regulations in the cryptocurrency landscape. Recently, the U.S. Senate approved the GENIUS Act, centered on stablecoins, with a vote of 68–30. This legislation permits both banks and non-banks to issue stablecoins, which currently hold a market capitalization of nearly $253 billion, according to DeFiLlama.
