Mastercard will open access to its first payment system for cryptocurrency companies. The issuer of the new crypto card will be the cryptocurrency portal Wirex, based in the UK, which has received the status of the first licensed participant in the system.
The payment giant Mastercard published a press release on July 20 stating that the company is opening access for cryptocurrency projects on the Mastercard Accelerate program, providing integration of fintech companies with the payment system.
The companies, which Mastercard provides with access to its program, should follow the common principles: provide reliable security for users (including data protection), work in accordance with the law, fight money-laundering schemes, and also provide equal work conditions for all interested parties such as retailers, financial institutions, or, for instance, mobile operators.
Wirex is the first cryptocurrency startup, taking part in the Mastercard Accelerate program. Wirex will be provided with help to integrate the technologies of Mastercard. The upcoming British company will be able to benefit from the experience of the payment giant in the field of cybersecurity, as well as its market research.
This way Wirex has a chance to issue crypto cards on the network of Mastercard. The Wirex cards can hold and spend digital currencies, as well as fiat ones. Cardholders will have the opportunity to convert cryptocurrency to fiat money and make purchases at merchants that work with Mastercard.
The cryptocurrency startup is licensed with the UK Financial Conduct Authority (FCA) and provides its clients with a service for automated conversion of digital into traditional currencies. Initially, the company issued crypto cards using the system of Visa, but now it will be enjoying the use of the Mastercard system as well.
