What happened?
Sui, a Layer 1 blockchain and smart contract platform, has teamed up with xMoney and xPortal to launch a custom Sui wallet and virtual Mastercard for millions of users in Europe. This partnership enables users to access a seamless digital payment experience with options like Tap to Pay available via Apple Wallet and Google Pay. The offering is available immediately in Europe and plans are underway to expand into the USA shortly.
Who does this affect?
This development primarily affects users in Europe who can now use the Sui wallet and virtual Mastercard for everyday transactions, but it also has implications for anyone following the cryptocurrency space globally. With around 2.5 million users on the xPortal app alone, a wide audience will benefit from these new offerings, including crypto enthusiasts and merchants across Europe. Additionally, businesses could explore the integration of crypto payments, given xMoney’s established financial infrastructure.
Why does this matter?
The introduction of a virtual Mastercard linked with blockchain technology like Sui signifies a step towards mainstream adoption of cryptocurrency in everyday transactions. It highlights a growing trend where traditional financial systems are being integrated with decentralized technologies, potentially boosting market confidence and increasing usage among merchants and consumers. With over 20,000 merchants ready to accept SUI coin payments, the initiative may lead to increased transaction volumes and further price activity in the cryptocurrency market.