Mastercard to Patent Crypto Payments Speed Up Solution

World payment giant made another step on the field of cryptocurrencies
18 July 2018   913

Mastercard won a patent for the technology to accelerate the cryptocurrency transactions,  CoinDesk reprots.

According to a document published by the US Patent and Trademark Office, Mastercard recognizes that "consumers who value anonymity and security increasingly prefer crypto currencies to fiat currencies," but the processing speed of crypto-currency transactions is an obvious "drawback" of this method of payment.

There is a need to improve on the storage and processing of transactions that utilize blockchain currencies. It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed ... Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds … Therefore, many entities, particularly merchants, retailers, service providers, and other purveyors of goods and services, may be wary of accepting blockchain currency for products and participating in blockchain transactions.

Mastercard Patent

To reduce the processing time for transactions, the company proposes to introduce a new type of user accounts, which will be able to carry out cryptocurrency transactions tied to the fiatic currencies. This account will be used to link several profiles that will allow user to set "the amount of currency, the amount of blockchain currency, account ID and address".

Such transactions will be carried out using the means of payment of the financial currencies and transfer the crypto currency. Mastercard notes that when transferring cryptocurrencies in such way, "payment networks may be able to evaluate the likelihood of fraud and assess risk for blockchain transactions using existing fraud and risk algorithms and information that is available to payment networks, such as historical fiat and blockchain transaction data, credit bureau data, demographic information, etc., that is unavailable for use in blockchain networks"

Mastercard hard already made steps on the field of cryptocurrency. Last year, in a patent application, the company described the technology of refunds when working with crypto-currencies.

Samsung to Invest $2.9M in Ledger

The fact of a round of investments was confirmed by a spokesman for Ledger, but he did not disclose details
25 April 2019   29

The developer of hardware wallets Ledger attracted 2.6 million euros ($ 2.9 million) from the South Korean conglomerate Samsung. The company's investment valuation reached $ 290 million, according to the French edition of Capital.

Thus, the very fact of a round of investments was confirmed by a spokesman for Ledger, but he did not disclose details. Co-founder Eric Larchevêque, who had recently transfered power to the new CEO Pascal Gauthier, also did not shed light on the details of the transaction.

Larchevêque himself will focus on the company's strategy, cooperation with regulators and legal compliance as the executive chairman.

Ledger raised $ 7 million in a round of financing for Series A in early 2017, which was headed by MAIF Avenir, a division of large French insurance company with the support of Xange, Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group, The Whittemore Collection, Kima Ventures, BHB Network and Nicolas Pinto as an individual investor.

At the beginning of 2018, a round of financing for Series B took place, within which the hardware wallets maker raised $ 75 million. The round was led by Draper Esprit, the other participants were Draper Venture Network, FirstMark Capital, Cathay Innovation and Korelya Capital.