Mastercard announced the launch of a Crypto Partner Program that invites 85 fintech firms to collaborate in powering up blockchain-based payments. Ripple has received an invitation from Mastercard, as the fintech company is a leader in the segment. The development has drawn attention among XRP investors as Ripple could gain from the partnership with Mastercard.
Apart from Ripple, Mastercard has also invited Binance and PayPal to be a part of the new service. The program highlights the growing interest from traditional finance firms to enter the blockchain phase. The powerhouse collaboration aims to connect blockchain-based tech directly to Mastercard’s global payment infrastructure. Their payment network spans over 200 countries and could give the crypto industry, especially XRP and Binance coin a boost.
Also Read: 2 Reasons XRP Price Isn’t Moving Despite Goldman Sachs ETF Bet
Why Mastercard Wants Ripple Technology?
Remittance is the main reason why Mastercard intends to partner with Ripple and other blockchain-based companies. The remittance industry is over $59 billion and growing at a rapid pace, with senders looking for cheaper options that don’t include transaction fees. This is where the payment giant wants to step in by providing blockchain-based payments that include meager fees.
In addition, sending payments through the blockchain is much quicker and more seamless. Apart from remittance, even business-to-business payments are now looking for blockchain services. Therefore, the demand is rising, and Mastercard is filling in the void. Ripple will add another feather in its cap if the deal with the payment giant goes through.
Will XRP Reach $2 Next?
Mastercard has only invited Ripple and other fintech firms for the project, and the deal is yet to be inked, which currently keeps XRP at bay. Even if the project goes through, the chances of XRP surging in value and reaching $2 remains low. The blockchain firm has collaborated with a number of mainstream companies, and it has nothing to do with XRP. The market is also reeling under pressure due to the Iran-Israel war, which is stunting the growth of all assets.
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