Mastercard Focuses Its ‘Engage’ Program on Crypto

The expanded network helps bring new crypto card programs to market and creates crypto-to-fiat conversion capabilities, Mastercard said.

Photo by Pixabay: https://www.pexels.com/photo/master-card-debit-card-210742/

According to a press release, Mastercard has expanded its Engage program, which connects potential card issuers with partners who can provide the necessary technical expertise, to assist in bringing cryptocurrency card programs to market. This allows a growing number of crypto firms to take advantage of the credit card industry giant's extensive global network.

According to Mastercard, Engage speeds up the process of introducing cryptocurrency cards to the market and develops tools for converting cryptocurrency into money. The system locates and forms alliances with businesses that issue cards or are BIN sponsors (bank identification number) wishing to introduce a crypto card.

The 57-year-old credit card company, which employs over 30,000 people globally, is expanding its current industry initiatives with this move. It also coincides with a recent push into the digital assets market by traditional banking businesses. The business unveiled a crypto credentials program last month to perform anti-money laundering (AML) checks for international transactions using technology from CipherTrace, a blockchain analytics startup owned by Mastercard.

“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,” Raj Dhamodharan, executive vice president for blockchain and digital assets, said in a statement.

Source :https://www.coindesk.com/business/2023/06/22/mastercard-focuses-its-engage-program-on-crypto/