Mastercard has expanded the scope of its Engage program, facilitating connections between card issuers and potential partners who possess the necessary technical expertise to expedite the launch of crypto credit cards.
A recent press release states that this development will enable a growing range of cryptocurrency companies to leverage Mastercard’s extensive global network.
Expediting cryptocurrency card programs
Mastercard has announced the expansion of its Engage program, designed to connect potential card issuers with partners possessing the necessary technical expertise, in order to expedite the launch of cryptocurrency card programs.
Through this initiative, an increasing number of crypto firms will be able to leverage 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 establishes partnerships with card-issuing companies or BIN sponsors seeking to introduce crypto cards.
This move by the renowned 57-year-old credit card firm, which employs nearly 30,000 individuals worldwide, coincides with the recent foray of traditional financial institutions into the digital assets space.
It further complements Mastercard’s other initiatives within the industry, including the introduction of a crypto credentials program last month to facilitate anti-money laundering (AML) checks for cross-border transactions, leveraging technology from CipherTrace, a blockchain analytics firm owned by Mastercard.
Pushing forward cryptocurrency adoption
Mastercard is no stranger to cryptocurrency development. Rather, the company introduced Crypto Source in October 2022, a program aimed at enabling financial institutions to offer crypto trading capabilities and services to their customers.
The company created partnerships with regulated crypto custody providers, Mastercard’s financial institution partners gained access to a comprehensive suite of services for buying, holding, and selling select crypto assets, backed by robust identity, cyber, security, and advisory services.
The announcement of the Engage program also comes just a few days after Mastercard has submitted a trademark application for a suite of technologies related to blockchain and cryptocurrencies.
The application, as reported by patent attorney Mike Kondoudis, indicates Mastercard’s intention to create software specifically designed for optimizing bitcoin and blockchain transactions.
Together, Mastercard’s ongoing commitment to blockchain and cryptocurrency adoption indicate its willingness to navigate regulatory complexities in the United States and work towards finding 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.