Mastercard expands Engage program to accelerate crypto card adoption and enable crypto-to-fiat conversions, empowering the digital asset ecosystem with safety, security, and scale.
According to a press release, Mastercard has extended its Engage program to facilitate the introduction of new cryptocurrency card programs and enable the conversion of cryptocurrencies to traditional fiat currencies. The Engage program connects potential card issuers with partners possessing the necessary technical expertise, allowing a growing number of crypto companies to benefit from Mastercard’s extensive global network.
Mastercard stated that Engage reduces the time required to bring crypto cards to the market and establishes the ability to convert cryptocurrencies into fiat currencies. The program identifies and establishes partnerships with card-issuing companies or BIN sponsors interested in launching crypto cards.
Mastercard’s Strategic Initiative: Aligning With Digital Assets Surge And Introducing Crypto Credentials Program
Mastercard, a credit card firm with a rich history spanning 57 years and employing nearly 30,000 staff worldwide, has strategically timed its initiative to coincide with the recent surge of traditional financial institutions venturing into the realm of digital assets. This initiative serves as an additional contribution to Mastercard’s ongoing efforts in the industry.
In the preceding month, the company unveiled a crypto credentials program that utilizes technology from CipherTrace, a blockchain analytics firm owned by Mastercard, to conduct anti-money laundering (AML) checks for cross-border transactions.
Mastercard Engage Network: Empowering The Digital Asset Ecosystem With Safety, Security, And Scale
In a statement, Raj Dhamodharan, the Executive Vice President for Blockchain and Digital Assets, expressed his views:
The expanded Mastercard Engage network will help empower players across the digital asset ecosystem and beyond to fulfill their ambitions at scale, paired with the safety and security that comes with the Mastercard brand.
As part of the Engage program, Mastercard has announced a group of crypto payments firms that will join the initiative. The list of participating firms includes Baanx, Credencial Payments, Episode 6, Immersve, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, and Unlimit.