Mastercard Boosts 'Engagement' Program to Prioritize Crypto Integration

Mastercard has expanded the Engage program to facilitate connections between card issuers and potential partners with the necessary technical expertise to accelerate the launch of crypto credit cards.

A recent press release noted that this development will allow more and more cryptocurrency companies to take advantage of Mastercard’s extensive global network.

Expedited Cryptocurrency Card Program

Mastercard has announced the expansion of its Engage program, which aims to connect potential card issuers with partners with the necessary technical expertise to accelerate the launch of cryptocurrency card programs.

As stated in the press release, through this initiative, more and more cryptocurrency companies will be able to take advantage of Mastercard’s extensive global network.

The MasterCard Participation Program aims to simplify the process of bringing crypto cards to market while enabling crypto-to-fiat conversion functionality. It identifies and establishes partnerships with card issuers or BIN sponsors seeking to introduce crypto cards.

The move by the prominent 57-year-old credit card company, which employs nearly 30,000 people worldwide, coincides with traditional financial institutions' recent forays into digital assets.

It further complements Mastercard’s other initiatives in the industry, including the crypto credential initiative launched last month to facilitate anti-money laundering (AML) checks of cross-border transactions using technology from Mastercard-owned blockchain analytics firm CipherTrace.

Driving Cryptocurrency Adoption

Mastercard is no stranger to cryptocurrency development. Instead, the company launched Crypto Source in October 2022, a program designed to enable financial institutions to offer their clients cryptocurrency trading capabilities and services.

The company has partnerships with regulated crypto custody providers, and Mastercard's financial institution partners gain full-service access to buy, hold and sell select crypto assets, backed by strong identity, network, security and Advisory Services Support.

The announcement of Engage comes just days after Mastercard filed a trademark application for a suite of blockchain and cryptocurrency-related technologies.

As reported by patent attorney Mike Kondoudis, the application shows that Mastercard intends to create software specifically designed to optimize bitcoin and blockchain transactions.

Mastercard's continued commitment to blockchain and cryptocurrency adoption demonstrates its willingness to navigate complex regulatory issues in the United States and work to find workable solutions.

While regulatory uncertainty could pose challenges for businesses, Mastercard's proactive approach demonstrates confidence in the underlying technology and how it will change transactional standards.