In a major step, MasterCard has reached out to cryptocurrency companies to apply as a partner in its newly expanded cryptocurrency card program. On July 20, Mastercard said it would simplify the application process for its new cryptocurrency card program by allowing applicants to join as partners within weeks.
By expanding the Accelerate program for crypto card applicants, it offers partners a more efficient, streamlined, and flexible way to continue growing and growing their business. These new crypto partners will not only help integrate Mastercard technology but will also benefit from the company’s cybersecurity expertise and market research. Mastercard has not only streamlined access to its cryptocurrency program but has also emphasized that all partners must adhere to core principles. This includes the necessary safeguards to ensure the privacy and security of users, to create a level playing field, and to act in accordance with the best interests of the company and its customers.
“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.”, said Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships at MasterCard.
MasterCard’s First Crypto Partner Wirex
In addition to its efforts to reach out to crypto card partners, MasterCard today announced that London-based cryptocurrency processor Wirex is the first domestic cryptocurrency platform to grant Mastercards its main membership, which will allow the company to issue crypto- and payment cards directly. In addition, the currency will be available for the first time in the US and Canada through the Mastercard network and can be used in other countries.
Membership represents a growing interest in the cryptocurrency industry from leading institutions such as the International Monetary Fund, the World Bank, and the European Central Bank, said David Hirsch, Mastercard’s chief executive.
Wirex is regulated by the UK’s Financial Conduct Authority and has a license to issue crypto cards in Europe. Prior to partnering with Wirex, Mastercard partnered with blockchain payment provider BitPay in June to launch prepaid cards for crypto-users in the US.