New plans released by MasterCard suggest that the American financial giant is planning on launching cryptocurrency payments on its network. The plan is to release these options sometime this year. The company mentioned that it feels cryptocurrencies are becoming an important piece in the financial world.
Raj Dhamodharan, EVP blockchain and digital partnership at the company, revealed in a post that they will focus on protecting the consumer and complying with regulations before selecting its supported crypto assets. However, MasterCard has already started working on integrating some digital coins on its network. Furthermore, the company recently partnered with BitPay and Wirex to create its crypto cards.
At the moment of writing this MasterCard has accumulated 89 blockchain patents. A further 285 blockchain applications are awaiting patent approval.
However, the financial services provider mentioned that not all crypto assets will be made available on its network. The reason for this, MasterCard claims, are the compliances of these crypto assets, “While stablecoins are more regulated and reliable than in the recent past, many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they won’t meet our requirements.”
However, the firm wishes to make its users know that its number one concern is still the safety of all clients. As part of this, MasterCard is focusing on Know Your Customer requirements, aiming at detecting illegal and fraudulent activities on its network.