Mastercard has announced the expansion of its Engage program, aiming to facilitate the entry of cryptocurrency card programs into the market. By leveraging its global network and partnering with companies possessing the necessary technical expertise, Mastercard seeks to enable a growing number of crypto firms to utilize its services, according to a recent press release.
Mastercard aims to streamline the process of launching crypto cards and provide crypto-to-fiat conversion capabilities through the Engage program. This system identifies potential card issuers and collaborates with bank identification number (BIN) sponsors interested in introducing crypto cards. The timing of this initiative is suitable, as traditional financial institutions have recently ventured into the digital assets arena. This move further solidifies Mastercard’s commitment to the industry, following its announcement last month of a crypto credentials program designed to conduct anti-money laundering (AML) checks for cross-border transactions. This program utilizes technology from CipherTrace, a blockchain analytics firm owned by Mastercard.
Raj Dhamodharan, the Executive Vice President for Blockchain and Digital Assets at Mastercard, stated that the expanded Mastercard Engage network would empower participants in the digital asset ecosystem and beyond, enabling them to realize their ambitions at scale while benefiting from the safety and security associated with the Mastercard brand. As part of the Engage program, Mastercard has unveiled a cohort of crypto payments firms, including Baanx, Credencial Payments, Episode 6, Immersive, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, and Unlimit.
Mastercard’s expansion of the Engage program aims to facilitate the entry of cryptocurrency card programs into the market, providing a faster time-to-market and enabling crypto-to-fiat conversion capabilities. This move aligns with the increasing involvement of traditional finance firms in the digital assets space, complementing Mastercard’s existing efforts in the industry.