2023-04-29 15:32:28
The crypto analysis company CipherTrace was acquired by the payment processor at the end of 2021.
Mastercard’s head of crypto products and blockchain said the payments processing giant will introduce services to ensure that transactions between users are identifiable and meet legal requirements. The technology will be used in cross-border payments.
The first phase of this was announced by Raj Dhamodharan on Friday on stage at the Consensus 2023 crypto event. Its essence lies in the fact that it makes it easier for portfolios to comply with requirements such as those imposed by the Financial Action Task Force (FATF).
Mastercard Crypto Credential, the result of the acquisition of CipherTrace, in late 2021 was announced.
Our related article: Blockchain intelligence company bought by Mastercard
“When two people want to send money from one country to another, the compliance and identification rules are complex,” said Dhamodharan.
“How do you identify these portfolios? And how do you get enough information to the other party?”
– he continued.
Cross-border transactions have always been a focus of CipherTrace, as the goal of their ecosystem was to help companies comply with regulations affecting such payments. The essence of the service lies in the fact that in the case of transactions over $1,000, the sending party’s crypto service provider sends the personal identification information to the receiving party’s crypto service provider and vice versa.
So far, Mastercard has partnered with wallet providers such as Bit2Me, Lirium, Mercado Bitcoin and Uphold to launch the crypto option. During the introductory phase of the project, the possibility will be tested between the United States, South America and the countries of the Caribbean.
Dhamodharan added that more services are expected. An example of this is the introduction of non-fungible token transactions, for the implementation of which they will partner with blockchain networks such as Aptos Labs, Ava Labs, Polygon and Solana Foundation.
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