Mastercard looks to improve Web3 adoption rates with new Engage network upgrade

With an increasing focus on blockchain and cryptocurrencies, Mastercard is expanding its Engage partner network to include fast go-to-market Web3 integration. 

By using the new track, businesses part of Engage will be better equipped to venture into the Web3 economy by being able to quickly launch and scale relevant products. 

Focusing on digital assets will boost Engage’s efforts to find partners that can drive developments in the crypto market while building a better link between fiat and crypto currencies. 

Engage allows businesses to collaborate with Mastercard on various projects by using the card giant’s global network of partners and leveraging its expertise and technology.

Raj Dhamodharan, Executive Vice President, Blockchain and Digital Assets at Mastercard, commented: “Mastercard is committed to co-innovating across the industry to enable access to crypto and blockchain technology. This not only unlocks potential, but also provides greater choice in payments and commerce.

“The expanded Mastercard Engage network will help empower players across the digital asset ecosystem and beyond to fulfil their ambitions at scale, paired with the safety and security that comes with the Mastercard brand.”

Recently-joined Engage companies looking to drive innovation in the blockchain space include Pomelo, Paymentology, Baanx and more.

Expert Analysis: The crypto market has seen seismic shifts in recent years, with digital assets and blockchain technology currently being more integrated in our day-to-day life than ever before. Because of this and the high volatility in the market, multiple regulatory battles have ensued to try and bring more stability to the sector, with the Mastercard brand undoubtedly being a good sign for current and future investors.