Many exciting things have been happening in the blockchain industry recently, and one of the most exciting is MasterCard and Google making their way into the cryptocurrency space. This is an intriguing occurrence as what this means is that there are more big companies endorsing Cryptocurrency in their way. Given the history of how crypto was once viewed in the financial and technical world, this is a significant step by MasterCard and Google.
MasterCard And Cryptocurrency
MasterCard introduced a new function, “Crypto SourceTM,” a program created to help financial services safely include crypto trading capabilities and customer services. The latest MasterCard payment options reported that at least 29% of its users hold Cryptocurrency as an investment option, and another 65% have indicated an interest in crypto-related services if they were to be provided by a financial institution that is well-known and trusted.
MasterCard is now in partnership with licensed crypto custody providers. Its financial institutions will access a comprehensive suite of buying, holding, and selling services for a selection of crypto assets, augmented with a proven identity, an advisory service, and cyber security.
The new Crypto Secure TM by MasterCard will help bring an added layer of security to the cryptocurrency space and aid card issuers in compliance with regulations that may have once seemed complex.
The functions that Mastercard’s new suite of crypto-related offers do for fintech and traditional financing are;
- Technology that supports buying, selling, and holding of crypto-related assets.
- Security management includes crypto analytics, an anti-money laundering scheme, a KYB (Know Your Business), cybersecurity, and a biometrics system.
- MasterCard’s original technology would also be available, like a digital receipt system and loyalty solutions.
According to BlockNews’ report on MasterCard’s involvement in Cryptocurrency,
“Mastercard disclosed that its role in helping banks is to “keep banks on the right side of regulation by following crypto compliance rules, verifying transactions, and providing anti-money-laundering and identity monitoring services.”
Crypto program management includes program design, technology implementation, consultation services, and product development options.
Google And Cryptocurrency
Google recently announced that it would partner with Coinbase and rely on the company to allow some customers to pay for their google cloud services using cryptocurrencies in Q1 of 2023, while Coinbase stated that it would draw on the cloud infrastructure that Google offers.
The Google and Coinbase deal was announced at Google’s Cloud Next conference, hoping to use it to lure cutting-edge companies to the google ecosystem. In a fast-growing market where the company’s top competitors are not currently accepting clients making payments using digital currencies.
Google plans to allow more customers to make payments shortly with crypto, and Coinbase is a company currently supporting ten cryptocurrencies. This includes Bitcoin, Dogecoin, Litecoin, and Ethereum, among others, which have significantly declined over the past few months.
Coinbase and Google did not disclose all the details of their new deal. Still, like every other Coinbase commerce partnership, it is expected that Coinbase will earn a percentage of transactions on the platform.
What MasterCard And Google can Do For The Crypto Industry In The Long Run
Including crypto services in financial services as extensive as MasterCard will help drive a new demographic into the crypto ecosystem. It’ll draw money into the blockchain space and garner more attention. Most may have been finding it hard to find trust in the crypto industry, but with the inclusion of crypto into MasterCard, they may now find themselves more open to the crypto ecosystem.
Google finding a way to get into the crypto space is a huge deal as there are millions that not only depend on google services but also are more trusting of Google than they are of a lot of other tech platforms. This would help build trust between the crypto industry and the demographic that will find it through Google.
This news couldn’t have come at a better time, as crypto is currently experiencing downtime. A way for more inflow of money is the best news for the ecosystem as of right now. It’ll also help build up a new source of hype for the crypto ecosystem for the new things to come in the coming year, as the Google service will be included in the early months of 2023.