Mastercard is set to expand its cryptocurrency payment card programme by forming more partnerships with crypto firms, according to the company’s head of crypto and blockchain.

This move comes as the cryptocurrency sector faces increasing scrutiny from regulators, and banks grow more cautious.

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Mastercard has already teamed up with several crypto exchanges, including Binance, Gemini and Nexo, to offer payment cards linked to cryptocurrencies in certain countries.

The Binance cards enable users to make payments in traditional currencies, which are funded by their crypto holdings on the exchange.

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Raj Dhamodharan, Mastercard’s head of crypto and blockchain, stated that the firm has “dozens of partners around the world who offer crypto card programmes and they continue to expand.”

Dhamodharan added that Mastercard’s value proposition includes providing access to cryptocurrencies in a secure way, and the firm will continue to do so.

The collapse of several large cryptocurrency firms last year, including major exchange FTX, has made banks increasingly wary of dealing with crypto clients.

Meanwhile, US regulators are clamping down on perceived non-compliance in the market. In March, the US Commodity Futures Trading Commission filed a lawsuit against Binance, the world’s largest crypto exchange, alleging that it operates an “illegal” exchange and a “sham” compliance programme.

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Binance CEO Changpeng Zhao denied the allegations, stating that the complaint contained an “incomplete recitation of facts.”

Although some banks, such as Santander and NatWest, have limited the amount of money UK customers can transfer to crypto exchanges to prevent scams and fraud, Mastercard is not considering imposing similar restrictions.

Dhamodharan said that Mastercard does not pick “winners” or decide which transactions should or should not happen and that users of its network undergo several compliance checks. The company has also invested in crypto analytics technology.

Dhamodharan added that Mastercard is “really quite enthusiastic” about the underlying blockchain technology that powers cryptocurrencies.

He believes that more regulated money will flow into this area in the future.