Mastercard has made a significant announcement that reflects its commitment to supporting the growing cryptocurrency and blockchain technology sectors. On June 22nd, the company revealed its plans to launch a new initiative aimed at assisting Web3 companies involved in handling digital assets and blockchain technology. This move is part of Mastercard’s broader strategy to embrace the evolving landscape of digital payments and cater to the increasing demand for blockchain solutions.
The cornerstone of this initiative is the expansion of Mastercard’s Engage partner network, which will play a crucial role in facilitating the growth of digital assets and blockchain technology. The Engage partner network serves as a platform for businesses to collaborate with Mastercard, leveraging the company’s extensive global network, expertise, technology, and resources. By joining forces with Mastercard, partners can expedite their product innovation and bring their solutions to market more swiftly. In the past year alone, over 150 Engage partners have utilized Mastercard’s platform to deploy innovative solutions on millions of accounts, utilizing the company’s products and services.
The newly expanded Engage partner network will specifically focus on digital assets and identify potential partners capable of launching crypto card programs and enabling crypto-to-fiat conversions. This strategic move aims to increase accessibility and inclusivity for various stakeholders within the cryptocurrency value chain. The benefits of participating in the Mastercard Engage network can be divided into two primary areas.
Firstly, becoming a partner opens up opportunities for issuers or BIN sponsors interested in launching new crypto card programs. It also welcomes payment ecosystem enablers looking to scale crypto payment solutions in collaboration with BIN sponsors, Virtual Asset Service Providers (VASPs), processors, and other relevant parties.
Secondly, the Engage network provides a platform for companies and digital asset innovators who are seeking suitable partners to launch and expand their offerings. This feature enables entrepreneurs to find the right collaborators within the Mastercard ecosystem, thereby increasing their chances of success and growth.
Raj Dhamodharan, the Executive Vice President of Blockchain and Digital Assets at Mastercard, emphasized the company’s dedication to co-innovation within the industry. Dhamodharan stated that by enabling access to crypto and blockchain technology, Mastercard aims to unlock vast potential and provide users with greater choice in payments and commerce. The expansion of the Mastercard Engage network will empower participants throughout the digital asset ecosystem, helping them achieve their ambitions on a larger scale, all while benefiting from the safety and security associated with the trusted Mastercard brand.
Mastercard’s latest initiative marks a significant step forward in embracing the transformative power of blockchain and digital assets. By leveraging its Engage partner network, the company is positioning itself as a key player in the evolving Web3 economy. Through collaborations, Mastercard aims to support the development and deployment of innovative blockchain solutions, ultimately driving the mainstream adoption of cryptocurrencies and revolutionizing the way we conduct financial transactions.
Source: https://azcoinnews.com/mastercard-takes-a-major-leap-into-the-crypto-world-with-new-web3-initiative.html