Mastercard is reaching out to cryptocurrency firms and encouraging them to apply for becoming partners as part of its newly-expanded cryptocurrency card program.
It has been reported that Mastercard said it was simplifying access to its Accelerate program for crypto card issuers by allowing applicants to be onboarded as partners “in a matter of weeks.”
However, enhanced for crypto card applicants, the Accelerate program gives partners to support their market entry, continued growth, and international expansion.
The report said that new crypto partners will be assisted in integrating Mastercard’s technology and will be in a position to benefit from the firm’s cybersecurity expertise and market research.
.@Mastercard ramps up crypto card partnership program and announces @wirexapp’s principal membership https://t.co/FC150XnX22 — Cointelegraph (@Cointelegraph) July 20, 2020
While it is streamlining access to its program for crypto firms, Mastercard has emphasized that all partners must comply with its “core principles.”
As per the report, these include providing robust consumer protection, operating in compliance with relevant laws and regulations, such as Anti-Money Laundering rules, and establishing a level playing field for all stakeholders, such as financial institutions, merchants, and mobile network operators.
Raj Dhamodharan, the Executive Vice President of Digital Asset and Blockchain Products and Partnerships at Mastercard, said:
“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.”
Likewise, Mastercard has also announced that London-based crypto payment processor Wirex has become the first native cryptocurrency platform to be granted a Mastercard principal membership, which will allow it to directly issue crypto payment cards.
Wirex card users will be able to immediately convert their crypto holdings into fiat currency, which can be spent at points of sale that accept Mastercard, as the currency will enter Mastercard’s network in the form of fiat, not a cryptocurrency.
Pavel Matveev, the CEO and co-founder of Wirex, said that the membership “represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators.”
Thus, he concluded that partnering with Mastercard will help the firm to realize its “vision of empowering everyone to experience a world where all currencies, traditional and crypto, are equal.”