Credit Cards and Crypto Come together on OpenSea and BTC Markets
Open Sea and BTC Markets have both now launched direct debit card payment options, making it easier than ever for non-cryptocurrency users to purchase crypto-assets. To make this possible, OpenSea partnered with crypto payment provider MoonPay, and BTC Markets has joined forces with Mastercard.
Following in the footsteps of credit card giants, Master Card and Visa, OpenSea and BTC Markets' moves form part of a growing trend by payment providers to integrate crypto functionality into their services.
As the leading Ethereum based NFT Marketplace, OpenSea's new payment method will provide non crypto natives with access to the primary and secondary sales of NFTs, including minting and first drops. Both crypto-businesses share a mutual desire to broaden their marketplace’s consumer base to include those unfamiliar with cryptocurrency.
During the launch of BTC's new service, Caroline Bowler, BTC Markets CEO said:
We’re excited to be partnering with Mastercard, who share our focus on stability, innovation and consumer protection, and enable us to offer our clients new ways to engage with this emerging digital asset class.
In a similar vein, OpenSea CEO Devin Finzer, said OpenSea's goal to secure NFTs as an essential part of the cryptosphere “can only be realized if using NFTs becomes easy and delightful for the average person". With MoonPay having launched its plug-and-play service for buying and selling NFTs using a credit card in January, it stands to reason that a partnership with a company like MoonPay is necessary. Finzer said:
Ultimately, we believe this union will be a force multiplier for NFTs and Web 3 adoption, and help us dramatically improve the experience of buying, minting and selling NFTs on OpenSea — whether you’re a beginner or a pro
Given there have also been persistent issues with crypto buyer's banks blocking transfers to the bank account of crypto businesses, the integration of credit card payments will also be welcomed by those who feel they are being unfairly blocked by their own bank from access to their own money.