Mastercard has expanded its Engage program, facilitating connections between card issuers and potential partners who possess the technical expertise needed to accelerate the launch of crypto credit cards.
A recent press release states that this development will enable a growing group of cryptocurrency companies to take advantage of Mastercard’s vast global network.
Acceleration of cryptocurrency card programs
Mastercard announced the expansion of its Engage program, which is designed to connect potential card issuers with partners that possess the necessary technical expertise, in order to accelerate the launch of cryptocurrency card programs.
Through this initiative, an increasing number of crypto companies will be able to take advantage of Mastercard’s vast global network, as mentioned in a press release.
the Mastercard Engage It aims to simplify the process of bringing crypto cards to market while enabling the conversion capabilities of cryptocurrencies into digital currencies. Identifies and establishes partnerships with card issuers or BIN sponsors seeking to offer crypto cards.
The move by the popular 57-year-old credit card company, which employs nearly 30,000 people worldwide, coincides with the recent entry of traditional financial institutions into the digital asset space.
It also complements other Mastercard initiatives within the industry, including last month’s introduction of the Crypto Credentials Program to facilitate anti-money laundering (AML) checks for cross-border transactions, and leverage technology from CipherTrace, a Mastercard-owned blockchain analytics firm.
Driving cryptocurrency adoption forward
Mastercard is no stranger to developing cryptocurrencies. Instead, the company introduced Crypto Source in October 2022, a program aimed at enabling financial institutions to offer cryptocurrency trading capabilities and services to their clients.
The company has established partnerships with regulated crypto-custodial service providers, enabling Mastercard Financial Institution partners to access a comprehensive suite of services for the purchase, holding and sale of select crypto assets, backed by a strong identity, online services, security and advisory services.
The announcement of the Engage program also comes a few days after Mastercard filed a trademark application for a range of blockchain and crypto-related technologies.
The application, as reported by patent attorney Mike Kondodis, indicates Mastercard’s intention to create software specifically designed to improve bitcoin and blockchain transactions.
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Together, Mastercard’s continued commitment to blockchain and cryptocurrency adoption indicates its willingness to navigate regulatory complexities in the United States and work toward viable solutions.
While regulatory uncertainty can pose challenges for businesses, Mastercard’s proactive approach demonstrates confidence in the underlying technology and how it will change the standard for transactions.