PREPARE: Mastercard Announces *HUGE* New Crypto Strategy in 2023

Wow payments giant MasterCard just made A major announcement regarding Cryptocurrency this happened at Consensus 2023 a crypto conference in Austin Texas it just happened and thus Far most people don't realize how big This is Mastercard launches crypto Credential service for cross-border Transfers and for perspective on just How big MasterCard is Mastercard Processed over two trillion dollars in Money in 2021 over 3 585 transactions Per second in 2020 and with most of These transactions happening in the US This has major implications if you hold Cryptocurrency here's mastercard's head Of crypto making the announcement at Consensus MasterCard is an expert in Building these Financial networks how Does that come over to crypto yeah look Um I think there is if you look at Crypto our view of it I know there are Multiple views here and it is a big tent Uh our view of this is that crypto is an Investment use cases continue to gonna Stay uh we don't have personal opinion On whether people should invested not Investment this is their choice when They exercise the choice that they need To be able to do and safe and simple but What I'm really excited about is the Underlying potential of the technology Right uh if you if I were to just take The usual comparison if you will of

Comparing with internet internet was About connecting uh people to send data It became a public utility a lot of Businesses got both we think the public Blockchain networks and the underlying Technology can become a utility for Storing and moving value and not just The crypto value but also the regulated Money as well and that potential is uh Is not fully realized today and we Believe in it we are starting to work on Number of products and today we are Announcing MasterCard crypto credential Which is a key building block towards Achieving uh that Vision I truly believe That it kind of once you have the right Building blocks necessary for safety Simplicity you can really actually have More businesses built on that And to be clear this crypto credential Service is not a new blockchain it's not A new coin meaning it's not here to Compete with the Bitcoins the cardanos The ethereums ETC the goal with this is To establish a set of standards in Infrastructure to work with the public Blockchains MasterCard said that the Payment Processing Company is bringing Out a service designed to ensure Transactions between users wallets are Verifiable and compliant beginning with Transfers of digital assets between Countries meaning a set of standards for Cross-border payments initially in this

First cross-border use case the MasterCard crypto credential service Announced Friday that this allows Wallets to be identified in transactions That are compliant with requirements Such as the financial action Task Force Fafdas travel rule meaning that this is Going to make it easier for these more Traditional players to feel comfortable Coming in in a direct quote if two People want to transfer value from one Country to another the level of Compliance and verification needed is Complex so how do you identify those Wallets and how do you exchange enough Information about the other party this Is where this new service for MasterCard Comes in and specifically what Technology are they using well MasterCard crypto credential a set of Common standards for attestation of Interactions uses technology from Ciphertrace the well-known blockchain Analytics platform MasterCard agreed to Acquire in late 2021 and let me offer You some perspective because I can feel Some people screaming yes this is mass Adoption while other people screaming no We don't need you MasterCard tracking us And I would say both in many senses are True meaning yes if you want Mass Adoption from these Heavy Hitters this Is what that looks like but just Understand this new Mastercard rollout

Takes away a hundred percent of user Privacy and anonymity which these more Traditional companies actually want to Feel comfortable using public Blockchains like a Solana like a Bitcoin Ethereum here's another clip of Mastercard's head of crypto from earlier That morning speaking about the partners That they're already working with be it Wallet providers or actual public Blockchains can you disclose some of Those Partners on this project called a MasterCard crypto credential yeah we Have number of wallet Partners uphold Literium bit to me Mercado Bitcoin and We also have what is interesting about This is that all of this gets built in Some public blockchain we see number of The public blockchain networks joining Us in this announcement as well that Includes polygon Solana networks optos Apple labs and so forth so this is just A starting point we think each of those Blockchains will bring us a set of Developers into this who uses this Framework where we can all build Solutions that are verifiable trustable Safe and simple to use and ultimately That's how we scale this ecosystem use This as a signal that cryptocurrency is Not going away it's only growing bigger Because there's nobody more in bed with The government and More in bed with the Financial Regulators of the world than

MasterCard and they're using this bear Market to build and take oppositions be Sure to click subscribe for daily Updates keeping you informed about Crypto and while today this crypto Credential service is focusing more on Cross-border payments the use cases MasterCard sees for something like this Go so much deeper now MasterCard crypto Credential which is going to be revealed Here at consensus has the ability to Unlock different use cases including Those involving crypto wallet Transactions I understand can you take Us through that use case and others that This potentially brings about that Absolutely there are a number of use Cases right I'll give an example of our Own artist accelerator that we launched A couple of weeks ago that is about Providing an nft to a consumer a music Pass to a consumer that unlocks uh Really exclusive experience the level of Verification and standard that you need To do that is different from the level Of verification you need to do a to a Wallet holder before you issue a card And that yet is completely different From what kind of verification you need To do to enable a cross-border Remittance transaction so the levels of Verification vary and we bring different Partners and standards to enable these Use cases these are just the sample use

Cases that we're starting with Ultimately if you want to have scale Available trusted applications to be Built on public blockchains we think This is a key building block before you Can take that step So what he just said is that in the Traditional Financial systems I Different use cases should have Different standards there's a difference Between doing remittance cross-border Transfers and then interacting with nfts And again I really want to drive this Home in a bear Market when all the Mainstream media is telling you to be Scared you're stupid for making an Investment in crypto in a bear market Prices are going down smart money is Taking out their positions in the bearer To be ready for the next Bull obviously Right now we're at a bear market and Crypto prices are depressed consumer Confidence is down crypto took a beating This past year there's no doubt about That and yet MasterCard is investing Heavily in the space is that part of Mastercard's strategy are you trying to Build now to get ready for the next Bull Run perhaps so there are two two sides To crypto meaning that there is an Investment people buy and hold crypto And and people make that choice and so He said some of this already about this Is not MasterCard telling you to invest

This is just saying MasterCard Understands this technology isn't going Away we've heard some of this stick with The whole thing though if they want to Do that we have no recommendation on do They do one thing or the other but what I'm really excited about is the Dandelion technology and the power of The technology to help build a new set Of financial applications on top of the Underlying technology that's what we're Focused on if the consumer wants to buy Crypto or sell crypto we want to provide Safe Way for people to use throwing MasterCard cards so we do that we have On-dram services to go from Fiat to Crypto and for them to use MasterCard Cards to spend we don't move crypto in That process but we make it very safe And easy for people to do And the final thing I'll say on this and Probably the most important aspect most People forget that back in October 2022 MasterCard implemented crypto source as Well as MasterCard crypto secure to Bring trading and custody capabilities To Banks now even though we're in this Downturn you made many research Announcements including two in October One of those was called crypto source And it's aimed at making things smoother Between Banks and crypto investors and The other is called crypto secure with The goal of making it easier and safer

To buy crypto so can you take us through Those and how is it going so far yeah I Know it's so crypto source is really Again about today we have a centralized Exchanges that are providing Buy sell Whole crypto but we see traditional Financial institutions also interested In participating in this use case Especially outside us so that's why we Made a crypto Source product available And the crypto secure is really about Helping financial industry institutions Understand the other side of the players The the crypto players that they're Dealing with so that they can make Transaction decisions using the risk Scores that we provide ultimately once You understand the space more you can Trust the space more once you are able To know what is risky transaction was This not so risky transaction you engage More ultimately this kind of visibility And services provide the trust that is Needed for more players to participate In this network this channel brings you Daily updates keeping you informed about Crypto like always see you tomorrow

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

Leave a Comment

    • bitcoinBitcoin (BTC) $ 42,119.00 3.89%
    • ethereumEthereum (ETH) $ 2,236.15 4.6%
    • tetherTether (USDT) $ 1.00 0.07%
    • bnbBNB (BNB) $ 232.70 2.79%
    • xrpXRP (XRP) $ 0.618923 6.28%
    • solanaSolana (SOL) $ 68.32 5.28%
    • usd-coinUSDC (USDC) $ 1.00 0.06%
    • staked-etherLido Staked Ether (STETH) $ 2,235.62 4.58%
    • cardanoCardano (ADA) $ 0.552238 5.37%
    • dogecoinDogecoin (DOGE) $ 0.096554 2.62%