Mastercard Targets Crypto With Major Engage Program Overhaul

Key Points:

• Mastercard expands Engage program to bring crypto cards to market and create crypto-to-fiat conversion capabilities.
• Mastercard identifies and builds partnerships with companies to launch a crypto card.
• The initiative is timed with a recent push by traditional finance firms into the digital assets space.

Mastercard has announced that it is expanding its Engage program to help bring cryptocurrency card programs to market, offering a much-needed service to crypto firms that are looking to leverage the credit card giant’s global network.

The program links potential card issuers with partners that can provide appropriate technical expertise, creating crypto-to-fiat conversion capabilities.

By identifying and building partnerships with companies that issue cards or are BIN sponsors looking to launch a crypto card, Mastercard Engage helps cut down the time it takes to bring crypto cards to market. This initiative by the 57-year-old credit card firm, which has close to 30,000 staff worldwide, is well-timed with the recent push by traditional finance firms into the digital assets space and adds to its other efforts in the industry.

Last month, the company also announced a crypto credentials program to carry out anti-money laundering (AML) checks for cross-border transactions. The program uses technology from Mastercard-owned blockchain analytics firm CipherTrace. 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, said Raj Dhamodharan, Executive Vice President for Blockchain and Digital Assets in a statement.

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

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