Mastercard is looking to push crypto mainstream by developing an anti-fraud system for cryptocurrency spending, which should take the industry to the next level and assist with any regulations that come in.
Mastercard’s Anti-Fraud System
The new product, known as Crypto Secure, will use algorithms to determine the risk of crime in transactions from crypto exchanges on the Mastercard payment network. This is powered by CipherTrace, a blockchain security company that the payment giant acquired shortly after its startup.
The CipherTrace company, based in California, pulls data from blockchain records as well as other sources to create a risk analysis of the potential for crime. CipherTrace doesn’t make the judgment call themselves on whether to turn away certain crypto merchants, only the card providers may do that.
CipherTrace’s main competitors are Chainalysis in New York and Elliptic in London, showing that many individuals see the need to monitor cryptocurrency for fraud and have begun the process of analyzing the networks already.
Many developers are fully on board with this move by Mastercard and support the blockchain tracing work being done by these security companies. Blockchain itself is designed with transparency in mind, with a core part of the blockchain idea being a publicly visible ledger accessible at all times. Despite the general public perception that cryptocurrency may be ‘unsafe’, this move from Mastercard is simply leveraging that which is already publicly visible.
How does that affect Uniglo?
Uniglo will likely be completely unaffected by this in the short term. However, long term this may be incredibly bullish for the new protocol that will become a store of value. With a treasury supporting the token that allows it to be truly backed, Uniglo would be likely to integrate into the Mastercard system as a payment option. This would be an incredibly bullish move for GLO token holders with the protocol gaining worldwide exposure through payment systems.
Being the first vault that will invest in a huge variety of asset classes, the Uniglo team is hitting on what seems to be a perfect solution to traditional finance currency backing but in a digital world.
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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