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Supporting cryptocurrency and blockchain companies
US payment major Mastercard announced on the 22nd that it will start a new initiative to support Web3 companies that handle crypto assets (virtual currency) and blockchain technology.
The Mastercard Engage Partner Network program will launch a course for Web3 companies.
The Engage Partner Network connects companies with qualified technology partners through Mastercard’s network to provide expertise, technology and more. This will enable participating companies to bring their latest products to market quickly.
As Mastercard expands its network of engagement partners specializing in digital assets, Web3 companies will find it easier to find partners to launch their cryptocurrency card programs.
Mastercard also offers a conversion function between virtual currency and fiat currency. Raj Dhamodharan, Head of Blockchain and Digital Assets at Mastercard, commented:
We encourage innovation across the industry to broaden access to cryptocurrencies and blockchain technology.
By expanding the Engage Network, we will help various companies within and outside the cryptocurrency ecosystem realize their goals at scale.
In doing so, it can also provide the security and safety of Mastercard.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
Partner company details
As a partner of the Engage Network, Mastercard will be available to card issuers and bank identification number (BIN) sponsors looking to launch new cryptocurrency card programs, as well as payment providers looking to expand their cryptocurrency payment solutions. We are looking for ecosystem companies.
The program is also appealing to companies that want to find such partner companies.
So far, 11 companies have been announced as partner companies to promote blockchain innovation.
Participating companies include Unlimit, which provides settlement and fiat currency solutions for DeFi (decentralized finance), Baanx, which provides cryptocurrency storage and settlement services, and Moorwand, which provides BIN sponsorship, digital banking, and compliance services. It is in the form of
Programs to improve reliability
Mastercard has entered the cryptocurrency business and is proceeding with various initiatives.
In April, it announced a program called “Mastercard Crypto Credential” to bring “trust” to the blockchain ecosystem.
At this time, he pointed out that security and compliance are not sufficient in the world of virtual currency and blockchain. With this effort, we hope to increase trust from consumers, businesses and governments and unlock the potential of blockchain.
connection: Collaboration with Mastercard, Solana, Polygon, etc. To improve reliability of blockchain
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