Due to growing interest and increasing adoption rates towards digital assets, Mastercard announced the expansion of its cryptocurrency initiative called Accelerate program.
UK-based payment processor Wirex has become the program's first native digital asset member, and Mastercard is inviting other crypto projects to join the growing network.
Mastercard welcomes cryptocurrency projects
According to the announcement, the US-based financial services giant has doubled its stake in cryptocurrencies. The company is expanding its digital asset program to help "adoption and create innovative experiences in the crypto space."
The so-called Accelerate program supports partners with various components during the initial stages of product development and application. These can range from market entry to product launch and international expansion.
The statement also highlighted that future Mastercard crypto partners could receive full incorporation in a matter of weeks. The company has also "streamlined its approval processes to reduce the time to market for partners' products, while maintaining its commitment to its partnership principles."
Mastercard has several requirements from its future partners in the digital asset industry. They include providing adequate consumer protection, offering a level playing field to all stakeholders and operating in full compliance with all applicable laws and regulations.
According to Executive Vice President of Digital Assets, Blockchain Products and Associations at Mastercard, Raj Dhamodharan, this expansion is the result of the growing popularity of the cryptocurrency industry:
"The cryptocurrency market continues to mature and Mastercard is driving it, creating safe experiences for consumers and businesses in today's digital economy."
Wirex becomes the first
In addition to the expansion of the program, Mastercard announced the first official cryptocurrency partner of its initiative. London-based digital asset payment processor Wirex, which is also licensed by the UK Financial Conduct Authority (FCA), has received a primary membership from Mastercard. Consequently, Wirex can now directly issue payment cards.
After integration, Wirex card users can convert digital asset funds into fiat currencies and spend them at any merchant that accepts Mastercard.
“We are very excited that Wirex is the first native crypto company to be awarded a primary Mastercard membership. It represents a growing interest and recognition in the acceptance of the cryptocurrency by the main organisms and regulators and will help us to realize our vision of empowering everyone to experience a world where all currencies, traditional and cryptographic, are equal ”. – commented Wirex co-founder and CEO Pavel Matveev.