CNBC reported the news first.The banks will provide cryptocurrency rewards on credit and debit cards on the Mastercards’ global payments and reward points on the purchases like hotels and airlines that can be paid with cryptocurrency.
"We will not only empower our partners to offer a dynamic mix of digital asset options but also deliver differentiated and relevant consumer experiences," says Sherri Haymond, executive vice president of digital partnerships at Mastercard, in a statement.
What are Cryptocurrency coins?Cryptocurrency coins are digital wallets that store the transactions of digital currency.They are based on blockchain technology, which is a decentralized database that stores all transactions in blocks.
This procedure is called "mining".The blockchain works by broadcasting all transactions in blocks across its network of computers (called "nodes").
"Cryptocurrency coin developmentAbout 10 years back cryptocurrencies are just limited to books and are not much known to the world.
Today, many people are aware of cryptocurrencies.The cryptocurrency market is gaining popularity in a variety of disciplines of government, business, and personal financial activity:Government agencies and large corporations are now actively watching the cryptocurrency market to determine how they can adapt the transaction mechanism, specifically blockchain technology, to exchange value.Many businesses have launched blockchain projects to explore the feasibility of implementing this innovation into their transactions.Blockchain technology is the second type of internet with value where it connects people all over the world and enables data exchange.Our world is becoming more digital day by day.