Mastercard is strengthening its skills in cryptocurrencies by unveiling Crypto Secure, a service for bank card issuers. Through this news, the payment giant assumes a little more of its taste for blockchain technologies.
Mastercard is increasingly involved in cryptocurrencies
Whereas MasterCard strengthened its presence in the cryptocurrency industry Last year, by acquiring the company specializing in blockchain analysis CipherTrace, the payment giant is now leveraging this investment by unveiling a new service: Crypto Secure.
This product is for to credit card issuers and must allow these players to better understand the behavior of their customers in terms of cryptocurrencies:
“Crypto Secure combines information and technology from CipherTrace with proprietary insights to help card issuers stay compliant with the complex regulatory landscape of the digital asset industry. The platform allows them to better assess the risk profile of crypto exchanges or other providers […] and decide which cryptocurrency purchases to approve. »
More simply, a bank card issuer could, for example, block payments to a player that he would consider non-compliant. This freedom allows each company to act according to its own policy, rather than according to a set pattern defined by Mastercard.
Thus, thanks to a dashboard, these CB suppliers will be able to know in more detail the behavior of their customers in terms of cryptocurrencies.
Crypto Secure must improve the trust of institutional players towards the blockchain ecosystem. Note, however, that it could also allow less crypto-friendly institutions to better control the possibility that their customers have, whether or not to buy crypto.
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An increasingly assertive involvement in cryptos
While some players in traditional finance are still resistant to Web3 technologies, Mastercard fully assumes their choice to get involved in the ecosystem.
To date, the payment giant has 2.9 billion cards in circulation worldwide as well as 90 million places accepting them. On its website, Mastercard clearly offers its services in relation to cryptocurrenciespayment card issuers.
Its network thus makes it possible to spend digital assets with all merchants connected to Mastercard, without them needing to do anything in particular to accept cryptocurrencies. Thus, the company allows eliminate friction on payment processes.
Always with the aim of facilitating this adoption, Mastercard had, for example, recently announced a partnership with Binance.
While hi, another crypto player, also indicated a partnership with Mastercard for customizable cards with its NFTs, no doubt the interested party is just in its infancy with blockchain.
👉 Also read – Customizable bank card with its NFTs: Mastercard partners with a crypto-bank
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Source: Mastercard
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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