Mastercard’s ‘Engage’ program now focuses on cryptocurrency.

Mastercard has expanded its Engage program to assist in bringing cryptocurrency card programs to market, connecting potential card issuers with partners that can provide the necessary technical expertise. This move allows a growing cohort of crypto firms to leverage Mastercard’s global network. According to a press release, Mastercard Engage helps to reduce the time it takes to bring crypto cards to market and creates crypto-to-fiat conversion capabilities. The system identifies and builds partnerships with companies that issue cards or are BIN [bank identification number] sponsors looking to launch a crypto card.

This initiative by the credit card firm, which has been in business for 57 years and employs close to 30,000 staff worldwide, comes at a time when traditional finance firms are pushing into the digital assets space. Last month, the company announced a crypto credentials program to carry out anti-money laundering (AML) checks for cross-border transactions, using technology from Mastercard-owned blockchain analytics firm CipherTrace.

“The expanded Mastercard Engage network will help empower players across the digital asset ecosystem and beyond to fulfill their ambitions at scale, paired with the safety and security that comes with the Mastercard brand,” said Raj Dhamodharan, executive vice president for blockchain and digital assets, in a statement.

Mastercard also announced a cohort of crypto payments firms joining the Engage program. The list of firms included: Baanx, Credencial Payments, Episode 6, Immersve, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, and Unlimit.

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Edited by Sheldon Reback.