By Hassan Mehmood (Saudi Arabia)
In a press release published on Monday, the payment giant Mastercard ask fintech companies and crypto firms to join Mastercard’s Accelerate program.
Mastercard to Recognize Crypto Potential
After the cryptocurrency acceptance by institutional investors, many giant firms in the fintech world have accepted the potential of cryptocurrency. After Visa’s entry into the crypto ecosystem, Mastercard has also opened its doors for digital assets.
The payment processor wants “expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market.”
Mastercard said:
“Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program for emerging brands and fintechs, giving them access to everything they need to grow quickly.”
The company will assist new partners in growth, international expansion, and the Mastercard’s technology along with market research and cybersecurity help is available for newly-joined partners.
The executive vice president of digital asset and blockchain products and partnerships at Mastercard, Raj Dhamodharan, 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.”
Wirex is the First Partner Company
The press release also mentioned that Wirex is the first partner to attain the principal membership of Mastercard. The partnership between both companies will allow Wirex to roll out a crypto-backed payment card.
The users of Wirex will able to immediately convert digital assets to fiat currency and can use crypto-based cards where Mastercard is accepted.
Pavel Matveev, the co-founder and CEO of Wirex, said,” We are very excited for Wirex to be the first crypto-native company granted 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,” he added.
Similarly, Raj Dhamodharan said about the partnership:
“Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.”
In 2018, Mastercard did not permit its users to buy crypto assets or submitting funds into crypto exchanges.
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