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MasterCard Expands Accelerate Cryptocurrency Card Program For Issuers

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Payment solutions giant MasterCard, Inc. has expanded its Accelerate cryptocurrency card program for card issuers by making it simpler and faster for partners to bring secure, compliant payment cards to market. This will help to modernize payments and transform the way people and businesses transact.

MasterCard is now inviting cryptocurrency and crypto card partners to join Mastercard's Accelerate program. Mastercard has enhanced the program for crypto card partners to streamline its approval processes to reduce the time to market for partner products while maintaining its commitment to its principles for partnerships.

Mastercard's Accelerate program provides a simple, single entry point to the company's wide range of specialized programs and gives crypto partners and other fintechs support and assistance for every stage of their growth and transformation, from market entry to global expansion.

Mastercard said crypto partners can be onboarded in a matter of weeks and are provided a guided experience through everything the company can offer. Program participants will be connected to relevant parts of the business to integrate Mastercard's proprietary technology.

As part of the program, London-based crypto payment card provider Wirex has become the first native cryptocurrency platform to be granted a Mastercard principal membership, allowing it to directly issue payment cards.

Mastercard principal membership enables Wirex to issue payment cards directly to consumers, making it easier for people to buy, hold and exchange multiple traditional and cryptocurrencies. Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.

Last month, bitcoin payment processor BitPay teamed up with Mastercard to launch the first ever US prepaid Mastercard called 'BitPay Card' for crypto users in the U.S. that can be loaded with dollars that are converted instantly by liquidating cryptocurrencies such as Bitcoin.

Through a similar partnership, cryptocurrency exchange major Coinbase partnered with Visa to launch a Coinbase Card last year. The Visa debit card lets customers spend their crypto balances direct from their Coinbase account.

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