Mastercard, the global credit card giant, has announced the expansion of its Engage program to support the development of cryptocurrency card programs. The program aims to connect potential card issuers with partners who possess the necessary technical expertise, enabling a growing number of crypto firms to leverage Mastercard’s extensive global network, according to a press release.
Through Mastercard Engage, the time required to bring crypto cards to market is significantly reduced, and the program also enables crypto-to-fiat conversion capabilities. It identifies and establishes partnerships with companies involved in card issuance or those seeking to launch a crypto card as BIN sponsors.
This initiative comes at an opportune time, as traditional financial institutions are increasingly venturing into the digital assets space. It complements Mastercard’s other efforts in the industry, such as the recently announced crypto credentials program that employs technology from CipherTrace, a blockchain analytics firm owned by Mastercard. The program focuses on conducting anti-money laundering checks for cross-border transactions.
Raj Dhamodharan, Executive Vice President for Blockchain and Digital Assets at Mastercard, highlighted that the expanded Engage network will empower participants within the digital asset ecosystem to achieve their goals at scale while benefiting from the safety and security associated with the Mastercard brand.
By extending its support to crypto card programs, Mastercard aims to facilitate broader adoption of cryptocurrencies and enhance the accessibility and functionality of digital assets in the mainstream financial landscape.
