Cryptocurrency payments provider MoonPay announced a new collaboration with Mastercard focused on Web3-based marketing and experiences.

Together, the duo will explore utilizing Web3 tools to enhance experiential marketing across Mastercard’s sponsorship properties. The goal is to connect with consumers through innovative engagement, according to the details of the announcement.

MoonPay will also work closely with the credit card company to integrate its products for greater trust, efficiency, and compliance in the crypto industry.

Key elements of the partnership:

• MoonPay subsidiary Otherlife will play a lead role, providing Web3 creative services and strategy.
• Mastercard will leverage MoonPay’s crypto payment infrastructure and expertise.
• The firms will build on Mastercard’s existing Web3 programs, like its Mastercard Artist Accelerator.
• MoonPay intends to integrate Mastercard payment products such as Mastercard Send and Click to Pay.

MoonPay’s CEO cited the collaboration as a big step forward for Web3, creating opportunities to demonstrate blockchain’s potential while expanding crypto’s overall reach.

Mastercard has continued to invest in blockchain technology to bring trust into this evolving space. The new alliance aims to drive differentiated crypto experiences for consumers.

Company executives first announced the partnership at the Money20/20 conference held in Las Vegas.

Mastercard’s entry into crypto

Mastercard has been actively forming collaborations to expand its presence in the cryptocurrency sector.

• Partnered with banks to offer crypto rewards on credit cards.
• Launched Asia Pacific’s first crypto payment cards in 2021 with Amber Group, Bitkub, and CoinJar.
• It began supporting select cryptocurrencies directly on its network in 2021.
• Created simplified crypto card offerings for crypto firms in 2021.
• Is now exploring integrations with self-custody wallets like MetaMask and Ledger to advance Web3 adoption.

Mastercard aims to grow its role in the evolving crypto economy through strategic partnerships.