Mastercard taps MoonPay to advance Web3 adoption
Crypto infrastructure provider MoonPay has inked a strategic partnership with global payment giant, Mastercard. The collaboration is said to “drive innovation” and strengthen the way brands connect with consumers through Web3 technologies.
Per a joint statement, MoonPay and Mastercard are set to delve into how Web3 tools can improve experiential marketing. The allaince will tap into Mastercard’s sponsorship portfolio in order to discover fresh avenues to engage consumers, tapping into the decentralized realm of the internet known as Web3.
Otherlife, a MoonPay subsidiary specializing in Web3 agency services, strategy, development, and experiential offerings, is expected to be instrumental in the collaboration. Otherlife’s expertise will likely bring in-depth insights and innovative solutions to the table.
Mastercard has been proactive in embracing blockchain technology, aiming to offer unique experiences for its user base in this burgeoning sector. The company had earlier this year introduced the Mastercard Artist Accelerator, which bridges Web3 with music, offering musicians a plethora of tools and resources to collaborate and monetize their craft.
Furthermore, MoonPay is poised to embed various Mastercard products and solutions within its infrastructure to streamline operations industry-wide. MoonPay intends to leverage Mastercard Crypto Credential, a foundational infrastructure designed to secure interactions between businesses and consumers via blockchain networks. This, along with other payment technologies from Mastercard, such as its Send and Click to Pay features, will be integrated into its Web3 stack.
The partnership’s announcement was made by Keith Grossman, MoonPay’s President of Enterprise, and Raja Rajamannar, Mastercard’s Chief Marketing & Communications Officer, at the Money20/20 event in Las Vegas.
MoonPay’s co-founder and CEO Ivan Soto-Wright said “We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement. Joining forces will create new opportunities to showcase blockchain’s potential in establishing unique connections and meaningful moments while broadening our industry’s overall reach.”
MoonPay is a Miami-based crypto payments company that values itself at $3.4 billion. The firm is backed by investments from NBA star Paul George, former tennis star Maria Sharapova, and musicians Drake and Justin Bieber. The firm enforces basic know-your-customer (KYC) checks, such as providing personal information for verification.
MoonPay’s payments infrastructure provides a seamless and easily understood experience to investors to convert between fiat, cryptocurrency and non-fungible tokens (NFTs), further lowering the barrier to entry into the world of web3 early investing.