Mastercard is extending its cryptocurrency inroads. The payment processor is connecting with more cryptocurrency companies, encouraging them to fill out the paperwork necessary to become partners for its cryptocurrency program. Mastercard is also simplifying the nuances of its Accelerate cryptocurrency program to provide cryptocurrency firms with easier access. It will now take only a couple weeks at most for applicants to become partners in the program.
About the Accelerate Program
Mastercard’s Accelerate program provides essential support to cryptocurrency partners, facilitating their entry and subsequent growth. The goal is for each crypto partner to gain access to international markets. Mastercard cryptocurrency partners receive help implementing the company’s technology. Furthermore, crypto companies are provided with helpful market research and cybersecurity assistance from Mastercard. In short, Mastercard is now streamlining access to its cryptocurrency card program. However, the payment processers still requires each crypto partner to adhere to the company’s core principles.
Mastercard core principles include extensive consumer protections ensuring users enjoy extensive security and privacy. Crypto partners must be fully compliant with all relevant regulations and laws. As an example, these companies must comply with rules pertaining to preventing money laundering and ensuring stakeholders enjoy a level playing field. Examples of such stakeholders include merchants, financial institutions and mobile network operators.
Mastercard’s VP of blockchain and digital asset partnerships and products, Raj Dhamodharan, recently stated the crypto market will gradually mature and Mastercard will continue to push it to new heights while simultaneously ensuring both everyday consumers and businesses are fully secure and safe in an increasingly digital economy.
Mastercard’s Entry into Crypto Started With Wirex
Mastercard’s initial cryptocurrency partner was Wirex. Wirex obtained a principal membership to Mastercard’s cryptocurrency card program. Wirex is a crypto payment processor based in London. Wirex will soon be able to issue cryptocurrency payment cards directly to clients. Wirex card users can quickly convert cryptocurrency holdings directly into fiat currency. This currency is available for spending at numerous points of sale that take Mastercard. As a result, currency moves into the Mastercard network as fiat rather than as cryptocurrency.
Pavel Matveev, the co-founder and CEO of Wirex, states his company’s membership is representative of the recognition and interest in crypto within the mainstream. Even the top regulators are paying close attention to cryptocurrency. The United Kingdom’s Conduct Authority is currently regulating Wirex.
Wirex is licensed to issue cryptocurrency cards throughout Europe. Matveev anticipates his company’s partnership with Mastercard will help create a world in which both conventional currency and cryptocurrency are equal. At the moment, Wirex has slightly more than three million active users, many of which are not conventional cryptocurrency users. Before the Mastercard-Wirex alliance formed, Mastercard worked with BitPay, a blockchain payments provider. The tandem worked together to provide a prepaid card for United States cryptocurrency users.