Global payment giant Mastercard continues exploring cryptocurrency benefits through a new collaboration with crypto payment platform MoonPay.

MoonPay officially announced on Oct. 25 a partnership with Mastercard aiming to jointly explore how Web3 tools can improve experiential marketing or find new ways to connect with Mastercard’s consumers.

The firm also took to X (formerly Twitter) to report that MoonPay’s enterprise president, Keith Grossman, and Mastercard’s chief marketing and communications officer, Raja Rajamannar, announced the collaboration at Money20/20 in Las Vegas.

MoonPay’s partnership announcement with Mastercard. Source: X (formerly Twitter)

“Mastercard will take advantage of MoonPay’s entire Web3 portfolio, including auth to minting to ETHPass and more as well as work closely with our agency, Otherlife, for strategy, creative and front-end dev work for their experiential initiatives,” Grossman wrote in a post on LinkedIn.

Apart from new Web3 consumer experiences, MoonPay will also work to integrate Mastercard products and solutions to increase compliance and trust across the Web3 industry. MoonPay will specifically be incorporating Mastercard’s tools like “Click to Pay,” Mastercard Send and Mastercard Crypto Credentials into its payment solutions.

Related: Mastercard announces successful wrapped CBDC trial results

“We’re so grateful for the partnership and even more excited about what’s ahead. Congrats to the full team,” Mastercard’s Web3 marketing Adam Polansky commented on Grossman’s post.

“We are excited about this partnership and what’s to come,” Mastercard’s partnership executive Elizabeth Taylor also wrote.

Mastercard had not yet officially announced the news at the time of writing. The firm did not immediately respond to Cointelegraph’s request for comment.

Mastercard has been actively exploring the blockchain and crypto industry, adding multiple industry products to its platform in recent years. In 2022, Mastercard launched a new program to allow banks to offer crypto trading capabilities to their customers in collaboration with Paxos. Mastercard also collaborated with Coinbase and MoonPay to bring its payments to Web3 and nonfungible tokens.

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