Mastercard has expanded the reach of its Engage program, facilitating connections between card issuers and potential partners who have the technical expertise needed to accelerate the launch of crypto credit cards.
A recent press release indicates that this development will allow a growing number of cryptocurrency businesses to take advantage of Mastercard’s extensive global network.
Accelerate Cryptocurrency Card Programs
Mastercard announced the expansion of its Engage program, designed to connect potential card issuers with partners with the necessary technical expertise, to accelerate the launch of cryptocurrency card programs.
Thanks to this initiative, a growing number of crypto businesses will be able to take advantage of Mastercard’s extensive global network, as stated in a press release.
THE Mastercard Engage Program aims to streamline the process of bringing crypto cards to market while enabling crypto-to-fiat conversion capabilities. It identifies and partners with card companies or BIN sponsors seeking to introduce crypto cards.
This move by the famous 57-year-old credit card company, which employs nearly 30,000 people worldwide, coincides with the recent foray of traditional financial institutions into the digital asset space.
It further complements Mastercard’s other initiatives within the industry, including the introduction of a cryptographic credentials program last month to facilitate anti-money laundering (AML) checks for cross-border transactions, leveraging technology from CipherTrace, a blockchain analytics company owned by Mastercard.
Driving Cryptocurrency Adoption
Mastercard is no stranger to the development of cryptocurrency. Instead, the company launched Crypto Source in October 2022, a program aimed at enabling financial institutions to offer crypto trading capabilities and services to their clients.
The company has partnered with regulated crypto custody providers, Mastercard’s partner financial institutions have had access to a full suite of services for buying, holding and selling certain crypto assets, backed by robust custodial services. identity, cyber, security and consultancy.
The Engage program announcement also comes just days after Mastercard filed a trademark application for a suite of blockchain and cryptocurrency-related technologies.
The application, as reported by patent attorney Mike Kondoudis, indicates Mastercard’s intention to create software specifically designed to optimize bitcoin and blockchain transactions.
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.