Coinbase and Mastercard create new trading platform NFT

Coinbase and Mastercard create new trading platform NFT

Prakash Hariramani, Senior Director of Products: Our mission at Coinbase is to increase economic freedom in the world. By allowing more people to join the creator economy and profit from their work, NFTs (non-fungible tokens) have an important role to play in this mission. However, the experience of acquiring NFTs remains challenging for many users.

Coinbase wants to simplify the buying process to allow more people to join the NFTs community. Just as we helped millions of people access bitcoin for the first time in an easy and reliable way, we want to do the same for NFTs. That’s why we’re working with Mastercard to classify NFTs as “digital goods,” allowing a wider range of consumers to purchase NFTs. And in the near future, we will be “unlocking” a new way to pay with Mastercard.

Coinbase recently announced Coinbase NFT, a peer-to-peer trading platform that will make it easier to mine, buy, demo and open NFTs. Through our work with Mastercard, we will be able to provide a better customer experience on Coinbase NFT and we plan to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network. We applaud Mastercard’s leadership on this issue to make it as easy as possible to buy NFT and provide a better customer experience. The NFT revolution is just beginning. To learn more, visit Mastercard Newsroom for a blog post and Q&A on our NFT strategy.

The leading U.S. cryptocurrency exchange Coinbase concluded a partnership agreement with the financial giant Mastercard. Information about this appeared on the official website of the payment company. The report points out that the cooperation with the crypto exchange will make the purchase and sale of non-exchangeable tokens more accessible to people who have not previously used digital assets.

The trading platform will allow using ordinary bank cards issued in the MasterCard system to purchase NTF.

According to a Coinbase press release, the mutually beneficial cooperation between the two companies will make buying NTFs as easy as buying sneakers and T-shirts in online stores. According to Coinbase representatives, the exchange expects to create a set of training materials, which will allow investors to get detailed and relevant information regarding NFT trading for newcomers. The company’s management believes that despite the widespread popularity of digital products, buying or selling them is still a very difficult task for a huge number of people.

To minimize potential problems and disputes with official regulators Coinbase and Mastercard have decided to classify NTFs as unique digital goods for private collection.

“Already today, using the functionality and capabilities of the cryptocurrency exchange has provided millions of cryptoinvestors around the world with unlimited access to bitcoin. Every day several thousand transactions are conducted on the platform, which take a minimum of time and effort for their participants. We plan to do the same for the NFT sector,” the cryptocurrency exchange said in a statement.

Recall that the company announced the launch of its own Coinbase NFT-marketplace back in October 2021.

The main task of the service is the release and sale of various digital goods that can be of interest to collectors and investors. At the beginning of November, the waiting list was opened, with more than one million people already registered today.

In late fall 2021, Mastercard announced its plans to launch credit, debit and prepaid cards linked to Bitcoin. The cards will be available to residents of countries from the Asia-Pacific region.

In the spring of 2021, Coinbase managed to become the world’s first public cryptocurrency exchange by listing on the American NASDAQ, while avoiding the long and expensive IPO procedure. The value of the company’s securities reached $429.5 per share at its peak, but then the rate went sharply down. As of the close of the NASDAQ on January 18, 2022, the crypto exchange’s shares are trading at $225 apiece.

In the rating of the platform is on the 52nd line. The list of its investment products includes 150 digital and 4 fiat currencies. The average daily trading volume for the last year is $3.07 billion. A few weeks ago the exchange signed an agreement with FairX, which allowed it to start trading cryptocurrency derivatives.

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