Mastercard Open to Crypto on Several Conditions

Mastercard representative stated that the company would consider facilitating the use of national digital currencies issued by central banks
19 March 2018   1199

Mastercard Incorporated is an American multinational financial services corporation headquartered in New York, United States. Its principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use debit and credit cards to make purchases. 

Financial Times reports that Ari Saker, the senior executive at the Mastercard, stated that the company would be "happy" to consider facilitating the use of national digital currencies issued by central banks. The trick is that they are ready to do that on certain conditions: cryptocurrency should be backed by the regulator, meet all the regulatory requirements and should not be anonymous.

If governments look to create national digital currency we’d be very happy to look at those in a more favourable way [compared with existing cryptocurrencies]. So long as it’s backed by a regulator and the value . . . it is not anonymous, it is meeting all the regulatory requirements, I think that would be of greater interest for us to explore.

Ari Sarker

Co-president, Mastercard's Asia-Pacific business

Moreover, he added that MasterCard Labs is working on a blockchain technology that should support a wide range of use cases, like interbank payments, tracking trade finance obligations along the value chain, exchanging know your customer and anti-money laundering data between trusted parties, and more.

Previously, we have reported that both Mastercard and VISA decided to change the way cryptocurrency purchases were processed on their networks.

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   81

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.