Cryptocurrencies have the potential to make life easier for millions of people. However, due to various factors, the process of crypto adoption is full of challenges. Hopefully, Mastercard wants to change the situation by encouraging cryptocurrency firms to become partners.
Importantly, Mastercard decided to simplify access to its Accelerate program for crypto card issuers. As a result, companies have the opportunity to join this program in several weeks.
Furthermore, the Accelerate program provides support to cryptocurrency firms when it comes to dealing with various issues. The company is ready to help cryptocurrency firms to integrate Mastercard’s technology.
Moreover, the cryptocurrency firms will be able to benefit from the company’s cybersecurity expertise as well as market research.
All partners must comply with its core principles. For example, companies must provide robust consumer protection to guarantee privacy and security for users.
This is not the end of the story, as they must also operate in compliance with relevant laws and regulations. This means companies must comply with Anti-Money Laundering Rules. Additionally, the companies will have to provide equal opportunities for all stakeholders such as financial institutions, mobile network operators, and merchants.
Mastercard and the London-based crypto payment processor
This is not the only information in connection with Mastercard. Crypto payment processor, Wirex, became the first native cryptocurrency platform to be granted a Mastercard principal membership. Thus, the London-based crypto payment processor will be able to directly issue crypto payment cards.
Users of Wirex cards will be able to immediately convert their crypto holdings into fiat currency.
Wirex is regulated by the U.K.’s Financial Conduct Authority. It has a license to issue crypto cards in Europe.
The cryptocurrency market continues to grow, and thanks to Mastercard and other companies, it will be easier to deal with various challenges. Authorities in the U.S. and elsewhere should work with cryptocurrency firms to make them more attractive to customers.
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