Mastercard entered an agreement with Wirex to become the first native cryptocurrency platform to be granted a principal membership, which allows it to issue its own payment cards. The deal is part of an acceleration of Mastercard's crypto card partner program.

The agreement will let Wirex customers convert crypto currency into fiat currency and spend the funds in locations that accept Mastercard. Customers will also get 1.5% back in bitcoin through Wirex's Cryptoback rewards program.

"The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today's digital economy," Raj Dhamodharan, executive vice president, digital asset and blockchain products and partnerships at Mastercard, said in a company release. "Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay."

Wirex, which is regulated by the UK's Financial Conduct Authority, has grown rapidly in the past 18 months with an expansion into the Asia-Pacific region and the release of its native Wirex Token, according to Mastercard. The company plans a release for next-generation cards in Europe and will offer additional currency options and free ATM withdrawals. The company also plans to offer corporate cards through Wirex Business.

Mastercard said it has streamlined its approval process for working with crypto partners, but the firms must meet certain criteria, including the following:

Provide strong customer protection, including privacy and security of consumer information and transactions.

Deliver a level playing field for all stakeholders, including financial institutions, merchants and mobile network operators.

Operate in full compliance with all applicable laws, including anti-money laundering and must be in compliance with local laws in countries where they operate.