- An increasing number of crypto firms is using Mastercard’s global network
- Mastercard Engage also creates capabilities to convert crypto to fiat
Mastercard has grown the reach of its Engage program, which connects card issuers with potential partners who can offer suitable technical expertise to help bring crypto credit cards to market faster. This will allow an increasing number of crypto firms to utilize Mastercard’s global network, according to a press release.
Creating conversion capabilities
Mastercard Engage not only reduces the time it takes to bring crypto card programs to market, but also creates capabilities to convert crypto to fiat. Mastercard’s system creates and develops partnerships with card issuers or bank ID number sponsors who want to start issuing crypto cards.
TradFi pushing into digital assets
The best-known credit card firm in the world joins many traditional finance giants in their push into the digital assets space. Mastercard has almost 30,000 employees worldwide, and its efforts complement those of others in the industry.
AML checks for cross-border transactions
In May, Mastercard introduced a credentials program to perform anti-money laundering (AML) checks for cross-border transactions, using cutting-edge technology from CipherTrace, a blockchain analytics company owned by Mastercard.
Mastercard Crypto Credential is a protocol setting common standards and infrastructure to ensure trusted interactions among businesses and consumers on blockchain networks. It can unlock various use cases.
Raj Dhamodharan, executive vice president for blockchain and digital assets, said in a statement cited by CoinDesk:
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.
A host of firms are part of Engage
Mastercard also announced that a host of crypto payment companies were joining the Engage program. The list includes, but is not limited to Episode 6, Immersve, Baanx, Credencial Payments, Monavate, Moorwand, Pomelo, Swap, PayCaddy, Paymentology, and Unlimit.
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