Mastercard started reaching out to cryptocurrency companies and making partnership offers as part of an ongoing cryptocurrency card creation program.
On July 20, Mastercard was seen preparing to simplify access to the Accelerated program to issue this cryptocurrency card. Later companies looking to partner with them can officially hold titles in a matter of weeks.
While the increase is still happening in crypto card applicants, the Accelerated program provides support for partners to enter the market, sustainable growth, and international expansion.
The new crypto partners will be assisted in integrating Mastercard's technology and will benefit from the company's cybersecurity expertise and market research.
While the process of streamlining access to the program continues, Mastercard also provides provisions which its partners must comply with later.
This includes providing strong consumer protection (ensuring privacy and security for users), operating in accordance with relevant laws and regulations, such as Anti-Money Laundering rules, and establishing an equal playing field for all stakeholders, such as financial institutions, traders. , and network operator mobile devices.
Raj Dhamodharan, executive vice president of digital assets and partnerships and blockchain products at Mastercard, stated:
"The cryptocurrency market is constantly evolving, and Mastercard is pushing it forward, creating safe and comfortable experiences for consumers and businesses in today's digital economy."
Wirex Becomes Mastercard's First Crypto Partner with a Major Membership
In line with efforts to forge a partnership with this crypto card, Mastercard also announced that London-based crypto payment processor, Wirex, has become the first cryptocurrency platform to officially partner with a major Mastercard membership. This will allow it to issue crypto payment cards directly.
Thanks to this membership, Wirex card users will be able to immediately convert their crypto holdings into fiat currency, which can be used at any point of sale that accepts Mastercard. As such, the currency will enter the Mastercard network in fiat, not crypto currency.
Wirex CEO and co-founder Pavel Matveev said that this membership "represents the interest and recognition of cryptocurrency acceptance by leading bodies and regulators."
He added that partnering with Mastercard will help the company realize "its vision of empowering everyone by being in a world where all currencies are the same, both traditional and crypto."
Wirex is regulated by the OK Financial Conduct Authority and licensed to issue crypto cards in Europe. Earlier this year alone, Wirex managed to reach more than 3 million active users, with an increasing number not only of major crypto fans.
Prior to partnering with Wirex, Mastercard collaborated with blockchain payment provider BitPay last June to launch prepaid cards for crypto users in the United States.