Mastercard makes it easier, safer to buy crypto

Rhea-AI Summary

Mastercard has launched Crypto Secure, a technology solution aimed at enhancing security and trust in cryptocurrency transactions across its global network of 2,400 exchanges. This platform combines insights from CipherTrace and proprietary data to assist card issuers in assessing crypto exchanges' risk profiles. It features a color-coded dashboard that helps issuers identify exchanges, measure transaction approvals, and gauge their overall crypto exposure. This move is part of Mastercard's larger strategy to integrate traditional finance with cryptocurrency, enhancing consumer confidence in digital asset transactions.

Positive

• Launch of Crypto Secure enhances security for cryptocurrency transactions.
• Provides issuers with insights to assess risks associated with crypto exchanges.
• Includes a color-coded dashboard for better transaction management.
• Strengthens Mastercard's position in the growing digital assets market.

Negative

• None.

Mastercard Crypto Secure^TM to bring a new level of trust to crypto purchases across global network of 2,400 exchanges

LONDON--(BUSINESS WIRE)-- Mastercard has launched Crypto Secure, a first-of-its kind technology solution designed 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 complex regulatory landscape of the digital assets sector. The platform allows them to better assess the risk profile of crypto exchanges or other providers, collectively known as Virtual Asset Service Providers (VASPs), and decide which purchases of cryptocurrency to approve.

Rather than considering or employing a one-size-fits-all approach, which could potentially restrict legitimate activity, issuers can easily identify and turn away transactions with crypto merchants prone to fraud.

Ajay Bhalla, President of Mastercard Cyber and Intelligence, said: “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.”

Crypto Secure provides each issuer with a colour-coded dashboard which shows where their cardholders are buying cryptocurrency. The new service will allow issuers to:

• accurately identify the crypto exchanges
• measure transaction approvals and declines
• understand, at a portfolio level, their exposure to crypto risk through a single score
• access a benchmark rating for comparison to a peer group of financial institutions

Crypto Secure is the latest step in Mastercard’s broader digital assets strategy, which helps bridge the gap between traditional finance and the world of crypto, and enables individuals to seamlessly spend funds from their crypto accounts in everyday transactions. Over the past few years, Mastercard has been working alongside its customers and partners to bring new services and capabilities that help make crypto more accessible, safe, and secure. These efforts have been complemented with the addition of new technologies through Finicity, Ekata, RiskRecon in addition to CipherTrace.

This unique combination of services provides eligible financial institutions the opportunity to safely manage crypto asset investments for consumers. Mastercard also continues to support banks, governments and others around the world through its Crypto & Digital Currencies Consulting Practice.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

Mastercard Crypto and Blockchain

View source version on businesswire.com: https://www.businesswire.com/news/home/20221004005853/en/

Media:

Tom Esslemont, Global Communications, Cyber & Intelligence, Mastercard

+44 (0)7721 490 132 | Tom.Esslemont@mastercard.com



Ian Morris, Global Communications, Cyber & Intelligence, Mastercard

+44 (0)790 111 5553 | Ian.Morris@mastercard.com

Source: Mastercard Investor Relations

FAQ

What is Mastercard Crypto Secure and how does it work?

Mastercard Crypto Secure is a technology solution that enhances the security and trust of cryptocurrency purchases by helping card issuers assess the risk profiles of crypto exchanges.

When was Mastercard Crypto Secure launched?

Mastercard launched Crypto Secure on October 4, 2022.

How many exchanges does Mastercard's Crypto Secure network cover?

The Crypto Secure network covers 2,400 exchanges worldwide.

What benefits does Crypto Secure offer to card issuers?

Crypto Secure allows card issuers to identify exchanges, measure transaction approvals, and understand their exposure to crypto risks.

What is the stock symbol for Mastercard?

Mastercard's stock symbol is MA.