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Mastercard's Global Blockchain Push
Mastercard is launching a major effort to integrate blockchain technology into global commerce through its new Crypto Partner Program. The program brings together over 85 companies, including crypto exchanges, fintechs, and banks. The goal is to connect blockchain systems with the existing payment networks used by banks, businesses, and consumers globally.
Focus on Practical Payment Uses
The program will focus on real-world uses for digital assets, such as making cross-border payments easier, improving business-to-business transactions, and streamlining how money is paid out globally. While digital assets once operated separately from traditional finance, many institutions are now experimenting with them for quicker money transfers and round-the-clock transaction settlement.
Connecting New Tech to Old Networks
For a company like Mastercard, the main task isn't to replace its existing payment systems. Instead, it's about creating strong links between new blockchain technologies and the massive global networks already used for international trade. Mastercard's network covers more than 200 countries, forming the core of global transactions. The company believes that for blockchain payments to be widely adopted, they must connect smoothly with this existing global infrastructure.
Building New Payment Products Together
The Crypto Partner Program is designed to build this crucial link. Companies in the program will collaborate with Mastercard to create products that combine on-chain features, like programmable payments or tokenized assets, with everyday payment methods. The program also sets up forums for partners to work together and with Mastercard's wider network of banks and merchants.
Mastercard's Digital Asset Journey
This initiative builds on Mastercard's ongoing work in digital assets. The company has previously supported crypto payment cards, helped blockchain startups through its Start Path program, and created services for banks to manage crypto compliance and risks. Competitors like Visa are also exploring similar areas, including testing stablecoin payments and tokenized deposits.