The payment giant Mastercard is moving into the cryptocurrency market with force after launching a new software designed to pinpoint fraudulent transactions coming from crypto exchanges. This kind of action signifies the acceptance of cryptocurrency into the general public, that will be driven by large institutions.
Crypto Secure Software
This new algorithmic product, known as Crypto Secure, is aimed at monitoring blockchain and other sources to ‘rank’ transactions into a likelihood of fraud scale. This will allow card providers to choose which exchanges they give services to based on whether they believe their payment systems will be used for illegal activity or not.
This move into the crypto security world comes after Mastercard acquired CipherTrace, a Californian startup that set out to monitor blockchain ledger for any suspicious activity.
CipherTrace’s main competitors are Chainalysis in New York and Elliptic in London, and the increase in these companies shows that financial companies see the need to monitor cryptocurrency for fraud and have begun the process of analyzing the networks already.
BNB and Uniglo.io Vault Security
With large companies like Mastercard moving into the scene, this will be a boon for the likes of Binance and Uniglo.
Binance, that has a crypto spending card already available on the market, will gain significant protection from impending regulations by having these additional security measures in place. Assuring regulators that work is being done to combat fraud on the exchange will boost the image of Binance in the eyes of lawmakers and help to remove some of the scrutiny the exchange has come under. This bodes well for the BNB vault which will continue to boost the whole ecosystem that BNB works under.
For Uniglo, this vault-backed token will act as a store of value. Likely with such a purpose GLO will be used in the future as a method of payment, allowing exposure across the globe to this protocol. This news of Mastercard integrating into crypto payments would facilitate the perfect infrastructure the Uniglo team would need to add this onto the project’s list of use cases, alongside the Ultra Burn mechanism and multi-asset vault. The vault will encompass real-world assets in tokenized form, as a stable hedge against any downward volatility, making this a great token to use as wealth storage.
Final Take
We see this move to prevent fraud a step in the right direction and those projects with genuine use cases and action plans will likely benefit from this immensely.
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