Tag: Mastercard

Mastercard Launches Web3 Crypto Solution

by Blockchain News

Mastercard has launched a new Web3 solution called the “Mastercard Crypto Credential,” which aims to enhance user verification standards in the digital asset space. The solution provides users with a unique identifier, which can help verify that an address has been vetted by Mastercard and is operating in compliance with the firm’s standards. This new offering aims to reduce the risk of bad actors and the loss of funds in the space.

The solution will also support compliance through the exchange of metadata required to meet regulations. Even if bad actors manage to obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The solution aims to reduce opportunities for bad actors and ensure compliance with regulations.

The Mastercard Crypto Credential will be issued to users to enhance verification standards set by the company. As part of the solution, Mastercard has partnered with various crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Additionally, partnerships with blockchain platforms like Aptos, Avalanche, Polygon, and Solana were also announced.

CipherTrace’s suite of services, including CipherTrace Traveler, will also be used to verify addresses and support Travel Rule compliance for cross-border transactions. Mastercard has been increasingly involved in the crypto sector over the past few years. The company recently launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon.

The program offers free access to materials, unique artificial intelligence (AI) tools, and other experiences to holders of Mastercard’s Music Pass NFT. Mastercard’s competitor, Visa, has also made a crypto move with its head of crypto, Cuy Sheffield, announcing a new stablecoin payments-focused project via Twitter. The company is currently searching for a candidate with experience in Web3 and blockchain tech to work on this project.

In conclusion, Mastercard’s new Web3 solution called the “Mastercard Crypto Credential” aims to provide a secure way for Web3 and blockchain service providers to help secure transactions between users. The solution offers a unique identifier to users that verifies an address has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The company has partnered with various crypto wallet providers and blockchain platforms and will be using CipherTrace’s suite of services to ensure compliance with regulations. This latest move by Mastercard shows the company’s increasing involvement and investment in the crypto sector.

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Mastercard Launches Web3 Solution for Crypto Verification

by Blockchain News

Mastercard has launched a new Web3 solution aimed at improving the verification standards in the digital asset space. The solution, called “Mastercard Crypto Credential,” provides a unique identifier to users, enabling them to verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The solution will support compliance through the exchange of metadata and help reduce the opportunities for bad actors.

As part of the solution, Mastercard has partnered with several crypto wallet providers, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold. The firm has also partnered with several blockchains, including Aptos, Avalanche, Polygon, and Solana. To ensure compliance, Mastercard will tap into CipherTrace’s suite of services, including CipherTrace Traveler, to help verify addresses and support Travel Rule compliance for cross-border transactions.

The solution is designed to reduce the opportunities for bad actors and the risk of funds being lost for good. Even if bad actors slip through the cracks and obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The firm’s long list of partners behind the solution is a testament to its commitment to enhancing the crypto sector’s standards.

Mastercard has been steadily increasing its exposure to the crypto sector over the past few years. This latest announcement comes just a few weeks after the firm launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon. The program offers free access to materials, unique artificial intelligence tools, and other experiences to holders of Mastercard’s Music Pass NFT.

Visa, Mastercard’s competitor, has also made a move in the crypto space by announcing a new stablecoin payments-focused project. Cuy Sheffield, the firm’s head of crypto, announced the project on Twitter and shared a job listing for the role, which notes that the company is “building the next generation of products to facilitate commerce in everyone’s digital and mobile lives.” The company is on the lookout for someone with strong experience in Web3 and blockchain tech.

In conclusion, Mastercard’s new Web3 solution, “Mastercard Crypto Credential,” is designed to enhance user verification standards and reduce the opportunities for bad actors in the digital asset space. The solution’s unique identifier will provide users with an added layer of security, allowing them to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The firm’s long list of partners and its commitment to enhancing the crypto sector’s standards highlights its dedication to innovation and staying ahead of the curve.

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Mastercard Launches NFT-Gated Artist Accelerator Program

by Blockchain News

Mastercard, a legacy company rooted in traditional finance, has been actively involved in Web3 initiatives in recent years. On April 12, the company announced its latest venture, a new artist accelerator program. However, this time, it added a Web3 twist. The program is nonfungible token (NFT)-gated and therefore only accessible to holders of its Mastercard Music Pass NFT.

According to the announcement, the NFT is limited-edition and free until the end of the month for both musicians and fans. Mastercard has collaborated with Polygon to offer free access to educational materials, unique artificial intelligence (AI) tools, and other experiences as part of the program. The company has already selected five artists from different genres worldwide to participate in the program.

Raja Rajamannar, chief marketing and communications officer of Mastercard, said that the program is designed to help users “better understand and trust how blockchain and digital assets are used.” He added that “Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”

Mastercard has been a long-time supporter and early adopter of Web3 technologies to bring fans and creators more opportunities to create “exclusive, inclusive and scalable experiences.” In addition to Web3 technologies, the artists participating in the program will be exposed to a new AI-driven music studio.

This announcement from Mastercard comes less than two months after it and Visa revealed that they would be holding back on all new crypto and blockchain partnerships. The financial service providers said that all new launches would be postponed until improved market conditions are visible, along with a clearer, more established regulatory framework.

It is clear that Mastercard is committed to exploring the possibilities that Web3 technology and blockchain can offer, despite some uncertainties surrounding the regulatory landscape. By launching this NFT-gated artist accelerator program, the company is providing a unique opportunity for musicians and fans to learn about and engage with the latest innovations in the industry. It remains to be seen how successful the program will be, but it is certainly an exciting development for those interested in the intersection of music and technology.

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Mastercard Enables USDC Spending in Asia

by Blockchain News

However, the blending of traditional and decentralized finance (DeFi) continues to strengthen despite the challenges. In Nigeria, crypto wallet MetaMask has partnered with crypto fintech MoonPay to enable users to purchase crypto via instant bank transfers without requiring a credit or debit card. This integration is estimated to reduce the decline rate for direct crypto purchases in Nigeria from 90% to 30%. Nigeria is a major market for MetaMask, ranking third in mobile monthly active users, and is also ranked by Chainalysis as one of the top 20 countries in cryptocurrency adoption.

On the other hand, OKX, a major crypto exchange, announced that it will no longer provide services or allow new accounts for Canadian users starting on March 24, 2023, citing “new regulations.” Customers in the country must close open options, margins, perpetuals, and futures positions by June 22 and withdraw their fiat or tokens by that date. In February, The Canadian Securities Administrators required crypto exchanges to sign new, legally binding undertakings while they await registration with regulators.

Despite these challenges, Bitcoin’s value proposition continues to attract attention as its price continues to climb following the collapses of Silvergate, Silicon Valley Bank, and Signature Bank. Cathie Wood, the CEO of ARK Invest, believes that Bitcoin’s current decoupling from the equity markets may attract more institutional investors into Bitcoin over time. Wood expects that most firms would allocate between 2.5% to 6.5% of their investment portfolios to BTC by 2030, taking the leading cryptocurrency’s price to $1–1.5 million.

Finally, crypto analyst Marcel Pechman explains the relationship between banking valuation and cryptocurrencies, specifically Bitcoin’s ethos, and provides insight on how to analyze banks and avoid inaccurate market capitalization indicators.

In conclusion, Mastercard’s partnership with Stables is a significant move in the adoption of stablecoins in the Asia-Pacific region, while challenges in the banking and regulatory sectors have not slowed down the blending of traditional and decentralized finance (DeFi). As the world continues to grapple with a global banking crisis, Bitcoin’s value proposition remains on full display, and its price continues to climb, attracting attention from institutional investors.

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Bitcoin Flips Visa Again

by Blockchain News

Since the beginning of the year, the price of Bitcoin (BTC) has increased by 48%, which has caused its market valuation to once again surpass that of the payment processing behemoth Visa.

According to CoinMarketCap, with the price of Bitcoin sitting at $24,365 at the moment, its market size of $470.16 billion is now only slightly more than that of Visa, which has a market cap of $469.87 billion at the moment.

Companies Market Cap reports that this is the third time Bitcoin has “flipped” Visa’s market cap, meaning that Bitcoin’s value has exceeded Visa’s value.

The first occasion was in late December 2020, coincidentally coinciding with the first time that BTC reached $25,000 in value.

This was accomplished during a price rise that saw BTC climb from $10,200 in September 2020 to $63,170 seven months later in April 2021. The price increase lasted for seven months.

BTC was able to take the lead over Visa for a very short period of time on October 1 before the payments business was able to reclaim their position as the market leader. Visa regained the lead between June and October 2022.

This advantage was further extended when, between November 6 and 10, 2022, the failure of the cryptocurrency exchange FTX took off more than $100 billion from the value of BTC in only four days.

However, since that time, BTC has had a complete recovery and has added an extra $65 billion to its market valuation of $408 billion as of November 6. This has allowed it to surpass the payment processing behemoth.

Because of the relatively tiny gap in their respective market caps, Bitcoin and Visa are now trading places on an hourly basis, which is something that should be taken into consideration.

Regarding the remarkable beginning that Bitcoin had in 2023, its third “flipping” of Visa occurred on the heels of a run of 14 days in a row during which the price increased. This run lasted from January 4 through January 17.

According to Google Finance, the market capitalization of Mastercard, the world’s second-largest payment processing network, is now $345.24 billion. BTC, on the other hand, has a significant lead over Mastercard.

However, Bitcoin is still trading at a discount of 63% compared to its all-time high of $69,044 that it hit on November 10th, 2021.

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Web2 and Web3 tools are merging as crypto-backed debit cards

by Blockchain News

As the use of crypto-backed debit cards becomes more widespread, there is an ongoing consolidation of Web2 and Web3 solutions.

Bit2Me, the most important cryptocurrency exchange in Spain, made a statement on February 10 about the launch of its new cashback debit card, which was developed in collaboration with Mastercard.

The original Bit2Me card allows its users to make transactions via the Mastercard network, which is used by millions of merchants all over the globe. This new upgrade gives consumers the opportunity to earn up to 9% bitcoin cashback on all transactions, regardless of whether they were done in-store or online.

At the click of a mouse, “[The] idea is that every user from anywhere in the globe has simple access to the boundless universe of Web3 financial services,”

Eight cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), and Polkadot (DOT), as well as the stablecoin Tether, are supported via the card and wallet (USDT).

It has been claimed that the corporation intends to support other currencies before the end of the year. At this time, users may access Bit2Me from 69 different countries all around the globe. Users who reside in the European Economic Area (EEA), on the other hand, are only permitted to submit an application for the virtual form of the card.

After making the first statement in 2021 that it would be providing services all over the world, Bit2Me has been planning to expand its service offerings for some time now. When the local Spanish trading platform 2gether went down in July, the exchange was quick to step in and provide assistance to the 100,000 cryptocurrency investors who had been prevented from using its platform. This was done after the investors were barred from using the now-defunct site.

During this time, Mastercard has also been quite active in the Web3 arena, delivering new services and possibilities to its customers and users. Over the course of the previous year, it has selected at least seven blockchain and cryptocurrency firms to participate in its fintech accelerator program.

Additionally, the firm collaborated with Polygon to develop a Web3 musician accelerator program. This program will concentrate on the convergence of the music industry and new technology.

Mastercard made the announcement on January 31 that they would be working with Binance to offer their second prepaid cryptocurrency card in Latin American countries.

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Mastercard CEO Says Crypto Has a Long Way to go Before Going Mainstream

by Blockchain News

Michael Miebach, the Chief Executive Officer of American payments giant Mastercard Inc is the latest financial industry veteran to share his optimism about the future of the nascent crypto ecosystem. 

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In a recent interview with Yahoo Finance, Miebach said he believes in the potential of the emerging assets, however, there are a lot of intricacies that must be resolved before the industry can go mainstream. When asked if he believes crypto can get to the point where everyone gets to use it as payment for transactions, Miebach responded by saying;

 

“Entirely possible, but I think it’s a long way to go before crypto becomes mainstream.”

 

Among the things he pointed out, that will need to be sorted include the ease of purchase of crypto and its associated products like Non-Fungible Tokens (NFTs). The compliance and security aspects of these emerging protocols have also remained a frail part that has created significant loopholes that must be covered in a bid to truly chart the mainstream embrace of the sector.

 

“I think this question on regulatory compliance, on scalable technology, on making sure it’s a predictable user experience – why is buying an NFT such a clunky experience? It shouldn’t be,” Miebach said in the interview.

 

Mastercard has been playing a central role in helping to get crypto products across to users around the world. Many crypto exchanges and service providers have partnered with Mastercard to issue co-branded payment cards to their users for easy crypto transactions. 


Notably, Miebach said Mastercard’s involvement in the crypto ecosystem is encompassing and also goes beyond direct payment and into Central Bank Digital Currencies (CBDCs). For Miebach, the crypto industry may have a lot of headwinds at this time, but the possibility that they will grow into a dominant aspect of the financial ecosystem in the long term is high.

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Mastercard, BitOasis Roll Out Crypto-Linked Cards in the MENA Region

by Blockchain News

Payment giant Mastercard has inked a deal with Middle East-based cryptocurrency exchange BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East & North Africa (MENA) region, according to local media outlet Khaleej Times. 

Through the strategic partnership, BitOasis users will have the chance to easily pay and shop by converting their crypto holdings to fiat at more than 90 million worldwide merchant outlets. 

 

As a result, the cumbersome tag pegged on cashouts and crypto payments will be eliminated because BitOasis users will undertake transactions in fiat. Per the report:

“BitOasis customer transactions will be enabled to take place in Fiat currency, thereby adding consumer protection – such as provisions for dispute resolution and refunds – which doesn’t exist today when paying with a digital asset.”

Therefore, the partnership intends to address crypto pain points and enhance awareness and adoption in the MENA region. 

 

Amnah Ajmal, Mastercard’s Executive VP for Market Development, MEA, pointed out:

“Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment.”

She added that changing consumer demand was necessitating the crypto payment route.

 

On her part, Ola Doudin deemed the collaboration as a new digital financial system era where transparency, inclusivity, relevance, and regulation would be incorporated on a daily basis.

 

The CEO and co-founder of BitOasis added:

“We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives. Research tells us that 47% of the Middle East population now believe crypto is the future of money.”

The first bunch of BitOasis cards will be released in early 2023 in line with regulatory approvals. 

 

Meanwhile, a paradigm shift is happening in the Middle East, especially the United Arab Emirates (UAE), because the region’s interests are changing from oil to crypto and metaverse, among other blockchain innovations, Blockchain.News reported. 

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Mastercard Introduces the Crypto Source Product for Banks

by Blockchain News

American multinational financial services giant Mastercard Inc has launched its latest product dubbed the Crypto Source as it is exploring new avenues to let banks within its network offer crypto-related products in a compliant manner.

 

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Riding on the feedback from its New Payments Index it recently published which shows as many as 65% of respondents of crypto savvy individuals will prefer it if they can access regular crypto offerings from their already trusted financial institution. 

Understanding this position of retail investors and the realization that banks shy away from crypto because of compliance and security risks accounted for why Mastercard floated the Crypto Source product.

As announced, financial institutions subscribing to this product will be able to offer Buy, Sell or Hold services to their customers. The product is offered in conjunction with top cryptocurrency platforms in the Web3.0 ecosystem including Paxos.

“At Mastercard, trust is our business. What we are announcing today is a connected approach to services that will help bring users safely and securely into the crypto ecosystem. Our recent investments in this space, such as the acquisition of CipherTrace and Ekata, are providing us with a unique set of capabilities to help provide our customers and consumers with the most technically advanced solutions available in the market,” said Ajay Bhalla, President, Cyber & Intelligence at Mastercard.

Besides the trading and custody services that the Crypto Source feature will enable banks to offer, security protection, the offering of crypto spend and cashout capabilities, as well as crypto program management will also be on offer to banks subscribing to the new Mastercard service.

 

Understandably, mainstream financial giants have been quite cautious with respect to the nature of crypto products they make available, especially to retail investors. The majority of banks have focused on custody services targeting institutional investors, the latest of which is BNY Mellon, and this Mastercard Crypto Source may be just the needed boost most of them require.

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Mastercard to Float New Compliance Product alongside CipherTrace

by Blockchain News

American multinational financial services corporation Mastercard has partnered with its newly acquired subsidiary, CipherTrace, to launch a new product called Crypto Secure that helps banks assess the risk of crime associated with crypto merchants on its network.

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This latest product is the company’s direct attempt to stem the growing incidence of criminal activities perpetrated through exchanges. CNBC reported that participating banks would block illicit transactions emanating from crypto exchanges integrated with the Mastercard payment network through the service.

CipherTrace, known as a major security outfit helping governments and organizations combat crime in the blockchain ecosystem, will be powering the new offering using a set of advanced Artificial Intelligence (AI) technology.

The Crypto Secure product will help stakeholders determine the crime risk associated with crypto exchanges on the Mastercard payment network. The data that the AI algorithm will draw on will be derived from on-chain data sourced from linked blockchains.

As detailed by CNBC, the Crypto Secure product will present a dashboard to participating banks. It will brandish a colour-coded representation of the level of risks associated with transactions emanating from trading platforms. For more straightforward profiling, ‘Red’ means the severity of risk is high, while ‘Green’ means it is low.

Mastercard is a major stakeholder in the current crypto ecosystem, enabling payment transactions on the majority of the trading platforms connected to its network. With the prevalence of crimes, including money laundering activities on exchanges today, the Crypto Secure product will seek to help restore the much-needed sanity as dubious traders will further find it difficult to move funds around.

Mastercard’s exploits alongside CipherTrace, which it acquired last year, are not a pioneering advancement in the crypto ecosystem. As a security startup in the industry, CipherTrace has launched a series of related products to help track illicit transactions across the board.

The Crypto Secure product will be one that will have wider accessibility through the global influence of Mastercard.

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Bitcoin (BTC) $ 25,815.92 4.96%
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