Mastercard unveiled a technology solution that aims to bring additional security and trust to the digital ecosystem.
Crypto Secure combines insights and technology from CipherTrace with proprietary information to help card issuers stay compliant with the regulatory landscape of the digital assets sector.
The new service, which provides each issuer with a color-coded dashboard showing where their cardholders are buying cryptocurrency, will allow issuers to accurately identify the crypto exchanges and measure transaction approvals and declines.
With Crypto Secure, issuers will also be able to understand at a portfolio level their exposure to crypto risk through a single score, as well as access a benchmark rating for comparison to a peer group of financial institutions.
Mastercard said Crypto Secure is the latest step in its digital assets strategy, which helps bridge the gap between traditional finance and the world of crypto, and allows individuals to seamlessly spend funds from their crypto accounts in everyday transactions.
"At Mastercard trust is our business and with cryptocurrency more intertwined in our daily lives this is an exciting next step in our journey. Crypto Secure will provide card issuers with a platform that allows them access to insights which will improve the safety of crypto purchases, increasing consumer confidence and creating the same trust they expect when paying with Mastercard," said Ajay Bhalla, President of Mastercard Cyber and Intelligence.
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