- Chainlink’s partnership with Mastercard allows direct on-chain crypto purchases.
- Chainlink’s LINK token surged 14% following the partnership.
- Program leverages Chainlink’s tech for seamless crypto transactions.
This event underscores the growing integration between traditional finance and digital assets, evidenced by a notable LINK price surge.
Partnership Details
Chainlink has joined forces with Mastercard to allow its over 3 billion cardholders to directly purchase cryptocurrencies on-chain. This collaboration utilizes Chainlink’s interoperability technology to facilitate seamless fiat-to-crypto transactions on Mastercard’s payment rails as detailed in Mastercard’s press release.
The partnership involves Mastercard’s direct integration with Chainlink’s technology, offering users direct access to crypto markets. After the announcement, Chainlink’s LINK token saw a market surge of over 13%, indicating positive market sentiment.
Financially, this enhances Mastercard’s offerings in digital payments and strengthens Chainlink’s market position. It also elevates Chainlink’s LINK token, which saw a notable price increase swiftly after the news broke.
Industry Impact
Industry observers suggest that the partnership could propel further adoption of on-chain transactions. The ability for Mastercard users to conduct fiat-to-crypto transactions represents a significant embrace of digital currencies by a financial industry leader.
Raj Dhamodharan, Executive Vice President for Blockchain and Digital Assets, Mastercard, commented, “There’s no doubt about it – people want to be able to easily connect to the digital assets ecosystem, and vice versa. That’s why we continue to leverage our proven expertise and global payments network to bridge the gap between onchain commerce and offchain transactions.”
Past partnerships of a similar nature have set precedents for this kind of integration. Mastercard’s previous programs involved exchanges but did not allow fiat-to-crypto transactions at this scale. This collaboration is a significant step in integrating mainstream finance with blockchain technology.
