Because of the increasing interest and growing adoption rates towards digital assets, Mastercard announced the expansion of its cryptocurrency initiative called Accelerate program.
UK-based payment processor Wirex has become the first digital asset native member of the program, and Mastercard is inviting other cryptocurrency projects to join the growing network.
Mastercard Welcomes Crypto Projects
According to the announcement from earlier today, the US-based financial service behemoth has doubled-down on its cryptocurrency involvement. The company is expanding its digital asset program to aide “adoption and create innovative experiences in the crypto space.”
The so-called Accelerate program provides support to partners with several components during the initial stages of their product development and application. Those could range from market entry to product launch and international expansion.
The statement also highlighted that Mastercard’s future cryptocurrency partners could receive complete onboarding in a matter of weeks. The company has also “streamlined its approval processes to reduce the time to market for partner products while maintaining its commitment to its principles for partnerships.”
Mastercard has several requirements from its future partners from the digital asset industry. They include providing adequate consumer protection, delivering a level playing field for all stakeholders, and operating in full compliance with all applicable laws and regulations.
According to Executive Vice President of Digital Asset, Blockchain Products, and Partnerships at Mastercard, Raj Dhamodharan, this expansion is a result of the growing popularity of the cryptocurrency industry:
“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.”
Wirex Becomes The First
Apart from the program expansion, Mastercard announced the first official cryptocurrency partner of its initiative. The London-based digital asset payment processor Wirex, which is also licensed by the UK Financial Conduct Authority (FCA), has been granted with a Mastercard principal membership. Consequently, Wirex can now directly issue payment cards.
Following the integration, Wirex card users can convert digital asset funds into fiat currencies and spend them at any merchant accepting Mastercard.
“We are very excited for Wirex to be the first crypto-native company granted a principal membership from Mastercard. It represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators and will help us to realize our vision of empowering everyone to experience a world where all currencies, traditional and crypto, are equal.” – commented Wirex co-founder and CEO Pavel Matveev.