Mastercard and Chainlink Enable On-Chain Crypto Purchases via Fiat
Payment giant Mastercard has entered a strategic partnership with decentralized oracle network provider Chainlink. This collaboration aims to facilitate the on-chain purchase of digital assets for Mastercard’s extensive global customer base of three billion cardholders.
According to Chainlink Labs, the integration leverages the company’s foundational technology, enabling users to buy cryptocurrency directly on-chain through a network of Web3 entities including Shift4 Payments, Swapper Finance, XSwap, and ZeroHash. ZeroHash plays a crucial role by supplying the infrastructure and liquidity required to convert fiat currency to crypto.
Chainlink Labs emphasized the commitment to accessibility, stating via Cointelegraph correspondence that the “current version of the application available at Swapper Finance is non-custodial and leverages account abstraction. It is crucial that this solution was built for everyone, not just crypto-natives or enthusiasts.”
Elsewhere, a Mastercard director overseeing its blockchain and digital assets initiatives confirmed the company’s growing engagement with the cryptocurrency space throughout 2024-2025. While Mastercard has previously positioned itself through crypto-compatible payment cards, the latest integration targets a fundamentally different pathway: direct on-chain asset acquisition.
As part of its broader strategy, Mastercard announced a joint venture with Kraken for crypto debit cards in the UK and Europe, and highlighted its work with MetaMask for self-custody crypto cards. Furthermore, Mastercard stated it tokenized 30% of its projected 2024 transaction volume.
Major competitor Visa has similarly shown significant engagement in the crypto sphere, including a partnership with Coinbase for instant deposits and withdrawals, and investments in stablecoin infrastructure through its collaboration with BVNK.
Analysts point out that simplifying the fiat-to-crypto conversion process, particularly for users new to the ecosystem, presents a significant growth opportunity for digital assets. Complications in fiat on-ramps remain a barrier to mainstream adoption.
Mastercard’s executive vice president for relevant projects stressed the importance of user accessibility, stating: “There’s no doubt – people want to be able to easily connect to the digital assets ecosystem, and vice versa.”
“The current version of the application available at Swapper Finance is non-custodial and leverages account abstraction to provide users with simplicity and control.”
