Mastercard has extended the reach of its Engage program, which facilitates connections between card issuers and potential partners possessing the necessary technical expertise to accelerate the launch of crypto credit cards.
According to a recent press release, this advancement will allow a wider range of cryptocurrency companies to benefit from Mastercard’s extensive global network.
Accelerating cryptocurrency card initiatives
Mastercard has announced the expansion of its Engage program, which aims to connect potential card issuers with partners possessing the required technical expertise to expedite the introduction of cryptocurrency card initiatives.
Through this initiative, an increasing number of crypto firms will have the opportunity to utilize Mastercard’s vast global network, as indicated in a press release.
The Mastercard Engage program is designed to streamline the process of bringing crypto cards to the market while enabling crypto-to-fiat conversion capabilities. It identifies and establishes partnerships with card-issuing companies or BIN sponsors that are seeking to introduce crypto cards.
This strategic move by the well-established credit card company, with a history of 57 years and employing nearly 30,000 individuals worldwide, aligns with the recent entry of traditional financial institutions into the digital assets space. It also complements Mastercard’s other initiatives in the industry, including the introduction of a crypto credentials program last month. The program facilitates anti-money laundering (AML) checks for cross-border transactions by leveraging technology from CipherTrace, a blockchain analytics firm owned by Mastercard.
Advancing cryptocurrency adoption
Mastercard has been actively involved in cryptocurrency development. It introduced the Crypto Source program in October 2022, which enables financial institutions to offer crypto trading capabilities and services to their customers.
Through partnerships with regulated crypto custody providers, Mastercard’s financial institution partners gain access to a comprehensive suite of services for purchasing, holding, and selling select crypto assets. These services are supported by robust identity, cyber, security, and advisory services.
The announcement of the Engage program coincides with Mastercard’s recent submission of a trademark application for a range of technologies related to blockchain and cryptocurrencies. The application, as reported by patent attorney Mike Kondoudis, indicates Mastercard’s intention to develop software specifically optimized for Bitcoin and blockchain transactions.
Overall, Mastercard’s continued commitment to blockchain and cryptocurrency adoption demonstrates its willingness to navigate regulatory complexities in the United States and work toward finding practical solutions. Despite the challenges posed by regulatory uncertainty, Mastercard’s proactive approach reflects confidence in the underlying technology and its potential to revolutionize transaction standards.