- Mastercard and Chainlink partnered with Swapper Finance to let users buy crypto directly with debit or credit cards.
- The platform uses Chainlink, Zerohash, and Uniswap to convert fiat to crypto securely and onchain.
- LINK’s price rose 11% in 24 hours, showing market confidence in the new integration.
Mastercard and Chainlink have partnered with Swapper Finance to introduce FIAT-to-crypto conversion to more than 3 billion Mastercard cardholders. The new functionality enables cryptocurrency purchases via decentralized exchanges by using regular debit and credit cards.
Swapper Finance, the platform where the service is hosted, links card users to blockchain markets via the safe Chainlink service infrastructure. The card payment is run through Shift4 and converted to cryptocurrency with Zerohash. The resulting crypto is then placed onchain via liquidity protocols such as Uniswap, resulting in efficient settlement.
In this integration, Chainlink technology helps verify and sync the transaction information between the traditional and decentralized layers. This coordination assists in aligning the fiat processing of Mastercard with crypto delivery through smart contracts.
XSwap and Uniswap Power the Onchain Trading Process
This conversion process occurs on XSwap, a decentralized exchange inside the Chainlink ecosystem. XSwap follows stringent data dependability and cross-chain compatibility standards within Chainlink, ensuring appropriate price feeds and transaction fidelity.
Uniswap provides liquidity in the swapping process, and the crypto purchases can be made onchain. Mastercard includes processing international card payments, and Shift4 assists at the customer transaction level. Zerohash is regulator-compliant as it moves fiat into crypto within an entirely licensed framework.
Sergey Nazarov, Co-Founder of Chainlink, referred to the launch as a milestone toward harmonizing traditional finance with decentralized technology. Raj Dhamodharan, the Blockchain Vice President at Mastercard, highlighted the integration as a means of bridging digital assets with real-world applications.
Web3 Access Expanded with Trusted Payment Networks
Mastercard is also expanding into Web3, as the partnership indicates. Earlier in April, the firm released crypto debit cards with Kraken. Recently, Mastercard partnered with MoonPay to enable stablecoin payments to more than 150 million merchants.
Mastercard already operates in more than 200 countries and is constantly scaling its blockchain infrastructure. Chainlink will ensure the firm can scale its crypto payments options using the trusted oracle services commonly deployed in DeFi, banking, and insurance applications.
Edward Woodford, CEO of Zerohash, said that a regulated fiat-to-crypto service is essential to adoption. Drew Turchin of Uniswap Labs continued by stating that Uniswap infrastructure provides markets to new users entering onchain finance without friction.
The announcement was met by the native token of Chainlink LINK, which performed positively. As of this writing, LINK currently stands at $13.35, representing an 11.84% change in the last 24 hours.
