Mastercard has launched a global cryptocurrency partner program, Cointelegraph reported on March 11.

Based on the initiative, Mastercard will move to build a blockchain-based payments network linking digital assets with the payments industry.

More than 85 companies are participating in the Mastercard partner program, including Binance, Ripple and PayPal. They will cooperate so cryptocurrencies can play practical roles in cross-border remittances, settlement and commercial payments.

Through the program, Mastercard aims to link cryptocurrency companies, financial institutions and payment providers to build blockchain-based financial infrastructure. Mastercard said, "Digital assets have entered a new stage," and stressed that integration with the existing financial system is accelerating.

The program expands Mastercard's existing digital asset strategy. It includes partnerships with cryptocurrency companies, support for blockchain startups and the introduction of cryptocurrency payment cards.

Mastercard has recently worked with SoFi Technologies to build a payments network using the U.S. dollar-based stablecoin SoFiUSD. It is also stepping up efforts to integrate blockchain technology into payment infrastructure.