Search Results for: Mastercard

Bulgarian platform Nexo launches a crypto Mastercard for European Economic Area (EEA) citizens to spend stablecoins globally via 100 million merchant terminals. The card also offers annual interest on stored balances, cashback, and credit line usage perks. However, Nexo recently faced legal issues in Bulgaria, raising concerns about its corporate governance. Further, earning potential is tied closely to the volatile crypto market.

“Mastercard has initiated a unique forum for stakeholders in the crypto domain to deliberate on the issue of central bank digital currencies (CBDCs). CBDCs are not the same as cryptocurrencies as they are digitized versions of existing fiat currencies backed by issuing governments. Mastercard’s CBDC alliance aims to foster groundbreaking innovations and efficiencies in the digital asset space.”

Mastercard is set to roll out the Multi-Token Network (MTN), aiming to provide a more secure, scalable, and interoperable environment for blockchain and digital asset transactions. The beta release, scheduled this summer in the UK, promises more efficient payment and commerce applications and is expected to expand globally.

Mastercard has expanded its Engage program to facilitate cryptocurrency use in the card industry, aiming to expedite crypto card launches and enable crypto-to-fiat conversions. This move aligns with increasing interest from traditional finance companies in digital assets and showcases Mastercard’s commitment to fostering growth within the digital asset ecosystem.

This crypto news roundup features Mastercard’s EVP on crypto and blockchain’s financial value, Ripple’s $1 billion expansion, and Biden’s crackdown on wealthy tax evaders. Other highlights include Binance’s rebuttal on mixed funds, Coinbase’s petition to the SEC, global crypto regulations, and ongoing vigilance against scams and cybercrimes.

Mastercard EVP Raj Dhamodharan emphasizes the importance of security, ease of use, and building a foundation of trust in the blockchain ecosystem. Tackling these issues is crucial for realizing the true potential of blockchain and cryptocurrency technologies in the financial industry.

Mastercard introduces the Crypto Credential, a service ensuring secure, compliant transactions between verified users’ wallets, addressing fraud risks. Using CipherTrace’s technology, it aims to bridge the gap between traditional finance and digital assets while tackling challenges like user verification and compliance.

“China’s digital yuan experienced increased usage at the Hangzhou Asian Games, where athletes interacted with the new technology. New language features were introduced, and the currency is linked with Hong Kong’s Fast Payment System. Overseas visitors can now open a digital yuan wallet using an overseas mobile phone number, and can ‘top up first, and use later’, for smoother transactions.”

“Wirex, a global digital payment platform, introduces W-Pay, an App Chain powered by Zero-Knowledge technology. Aimed at enhancing connections between DApps, non-custodial wallets, and traditional payment systems, it offers swift, secure transactions and total fund control. The Ethereum Virtual Machine compatibility ensures diverse functionalities and promotes crypto ecosystem interoperability.”

“China expands the utility of its Digital Yuan App to include tourist-friendly features. The latest update allows visitors to pre-charge their wallets using VISA and Mastercard, driving China’s intentions to establish e-CNY as a commonplace retail option, marking a significant step in the evolution of global digital currencies.”

BTSE, a digital assets exchange, has launched a crypto payments card allowing users to convert crypto-to-fiat for purchases online or offline across Mastercard’s network. The card, named the BTSE card, is seen as a substantial advance in practical cryptocurrency use. By supporting a variety of digital assets, it pushes the envelope towards universal crypto acceptance.

Bitcoin holds promise in building an equitable financial system, but its understanding is a hurdle for many. In El Salvador, DitoBanx’s CEO aims to ease the transition, offering Bitcoin-based services to the unbanked. However challenges including volatility and apprehension towards crypto adoption persist.

“Hedera Hashgraph’s HBAR token sees over 15% surge following the inclusion of Dropp, a Hedera-based micropayments platform, on the FedNow. HBAR’s unique use of hashgraph consensus permits over 10k transactions every second. Its growth also aligns with a 288% jump in daily active accounts and a notable spike driven by non-fungible tokens (NFTs).”

“Despite setbacks and criticisms, such as the recent Curve Finance controversy, the DeFi sector is far from ‘dead.’ It’s actually seeing significant interest from corporate stalwarts like Mastercard, Visa, and BlackRock, all harnessing its efficiency-enhancing capabilities. Decentralized finance technology promises transparency, efficiency, disintermediation, and self-custody, indicating the sector’s potential for long-term growth.”

“China’s mobile payment giants, WeChat Pay and Alipay, have abolished the requirement of a local bank account for foreign visitors, enabling international credit cards. Meanwhile, royalty volumes for NFTs on the Ethereum Blockchain have significantly dipped, causing concerns about their sustainability. Banks in Korea are exploring CD tokens as a stable alternative. Crypto wallet, Zengo introduced a premium subscription, and discussions on security vulnerabilities in crypto are ongoing.”