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Wednesday, July 22, 2020

MASTERCARD EXPANDS THE CRYPTOCURRENCY PROGRAM WITH CRYPTO CARDS


 Mastercard has begun reaching out to crypto currency companies and offering partnerships as part of a crypto currency card making program that is being developed. 


On July 20, Mastercard was seen preparing to simplify access to its Acceleration program on the issuance of this crypto currency card. Later, companies that want to partner with them can officially hold the title in a matter of weeks. 

At present the increase is still in crypto card applicants, the Acceleration program gives partners support in entering the market, sustainable growth and international expansion.


Crypto Currency on Mastercard

New crypto partners will be assisted in integrating Mastercard technology and will be able to benefit from the company's cybersecurity expertise and market research.

While the process of simplifying the program access continues, Mastercard also provides provisions that must be obeyed by its partners later.

This includes providing strong protection to consumers (ensuring privacy and security for users), operating in accordance with relevant laws and regulations, such as Anti-Money Laundering rules, and establishing an equal playing field for all stakeholders, such as financial institutions, traders , and mobile operators Network operators.

Raj Dhamodharan, executive vice president of digital asset products and partnerships and blockchain at Mastercard, stated:

"The cryptocurrency market continues to mature, and Mastercard pushes it forward, creating a safe and comfortable experience for consumers and businesses in today's digital economy."

Wirex Becomes First Crypto Partner Mastercard with Main Membership



In line with reaching out to this partnership with the crypto card, Mastercard also announced that the London-based crypto payment processor, Wirex has become the first crypto currency platform to officially partner with Mastercard's main membership. This will allow him to directly issue a crypto payment card.



Thanks to this membership, Wirex card users will be able to immediately change their crypto ownership to fiat currency, which can be spent at points of sale that accept Mastercards. Thus, the currency will enter the Mastercard network in fiat form, not crypto currency.

Wirex CEO and co-founder Pavel Matveev said that this membership "represents the interest and recognition of the acceptance of crypto currencies by leading bodies and regulators."

He added that partnering with Mastercard will help the company realize "its vision of empowering everyone by being in a world where all currencies are equal, whether traditional or crypto."

Wirex is regulated by the O.K Financial Conduct Authority and has a license to issue crypto cards in Europe. Earlier this year, Wirex reached more than 3 million active users, with an increasing number of those not just major crypto fans.

Before partnering with Wirex, Mastercard also collaborated with BlockPay payment provider BitPay last June to launch a prepaid card for crypto users in the United States.

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