Mastercard Focuses Engage Program on Crypto Assets | CoinDesk JAPAN | Coin Desk Japan

Credit card company Mastercard expands its engagement program to connect potential card issuers with partners who can provide the right technical expertise to help bring cryptocurrency card programs to market announced that it would allow a growing group of cryptocurrency companies to tap into the global network of credit card giants.

According to the announcement, Mastercard Engage will reduce the time to market for cryptocurrency cards and enable the ability to convert cryptocurrency to fiat currency. In other words, it is to identify companies that issue cards and BIN (bank identification number) sponsor companies that are considering issuing cryptocurrency cards and to build partnerships.

With nearly 30,000 staff worldwide and a 57-year history, the initiative by Mastercard is well timed with the recent forays into the digital asset space by traditional financial firms, and is well-placed by other players in the industry. It can be said that efforts are being strengthened. Last month, the company also announced a cryptographic authentication program to conduct anti-money laundering (AML) checks for cross-border transactions, using technology from its blockchain analytics firm CipherTrace.

“The expansion of Mastercard Engage’s network will allow various players, not just within the crypto asset ecosystem, to join the Mastercard brand,” Raj Dhamodharan, executive vice president of blockchain and digital asset products, said in a statement. It will allow us to realize our ambitions at scale while being backed by the safety and security of our customers.”

Mastercard also announced crypto payment companies joining the Mastercard Engage program. Participating companies include: Baanx, Credential Payments, Episode 6, Immersve, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, Unlimited.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Raja Damodaran of Mastercard (Shutterstock/CoinDesk)
｜Original: Mastercard Focuses Its ‘Engage’ Program on Crypto