The global payments giant redoubles its bet in the crypto world with the launch of new products and services in the field. The details
The most technology-related companies they are betting more and more on cryptocurrencies. In this stage, Mastercard follows the issue closely as, in fact, it is currently a technology specialized in payment methods and its interest in the ecosystem is constantly growing.
The finance company has been trying for a while to make sure its services remain a target of new developments in digital assets, from central bank digital currencies. (CBDC) waves stablecoins in the private sector.
The company took a new step to get closer to crypto ecosystem after confirming the obtaining of an important agreement with another firm in the sector to promote cryptocurrency services.
This is the software company ConsenSys, which partnered with Mastercard to launch ConsenSys Rollups, a modular solution that would provide “scalability and privacy capabilities” to authoritative applications connected to any Ethereum Virtual Machine (EVM) compatible network.
Mastercard advances in the crypto world, now with the agreement reached with the software firm ConsenSys to launch a scalable solution for Ethereum
ConsenSys Rollups, the scalability solution for Ethereum
The scalability solution for the Ethereum ConsenSys Rollups network consists of a private chain of tests, providing the ability to boost performance up to 10,000 transactions per second catching up with the brand new Ethereum 2.0.
According ConsenSys, such a high performance open new use cases in areas such as central bank digital currencies (CBDC), decentralized exchanges (DEX), micropayments, and confidential transactions.
The company noted that the use of Ethereum is at an all-time high, with more than 177 million addresses and adding tens of thousands every day. The reason for the high employability lies in the number of projects related to decentralized finance (DeFi), NFTs or metaverses. Although high network usage indicates strong adoption, it also points to the need for scalability and privacy enhancement solutions.
ConsenSys worked with Mastercard engineers on this service, seeking to encourage companies to adopt blockchain, since they are rollups designed to be applied in business solutions.
In its release ConsenSys detailed that its rollups leverage zero knowledge (ZK) proofs to protect specific transaction items, such as account balances, sender, recipient, and amount, to prevent this data from being shared publicly on the network, optimizing the privacy and confidentiality of transactions and users.
ConsenSys Rollups consists of a private chain of tests that provides the ability to boost performance up to 10,000 transactions per second.
With partially anonymous rollup packages, users can transfer or exchange tokens and carry out transactions with partial anonymity, the company said.
ConsenSys raised $ 65 million in an investment round in April this year in which important investors participated such as JPMorgan Y UBS, in addition to a set of blockchain-focused technology startups such as Protocol Labs or the Maker Foundation.
Mastercard and its crypto expansion measures
The multinational has innovated in the cryptocurrency market this past year, driven, in part, by the competence with his rival, VISA. Last February, the company boosted its crypto adoption plan by enabling almost 1.000 million users of your cards can perform cryptocurrency transactions in more than 30 million merchants.
Likewise, he anticipated that he would give the green light to stablecoins, for considering them more reliable and it was hoped to be able to allow affiliated businesses to receive payments in cryptocurrencies through their network by the end of the year.
On the other hand, closer in time, the company confirmed the inclusion of seven new startups belonging to the blockchain and cryptocurrency sectors for your Program throttle Start Path.
The crypto companies selected were GK8, Domain Money, Mintable, SupraOracles, STACS, Taurus y Uphold.
With this announcement, the multinational seeks to further enhance its role within the digital asset market after its initiative to transform your payment system, including the option to save and pay with these digital currencies, released last April.
Mastercard launched its cards to carry out cryptocurrency transactions in April
In addition, the card issuing group launched in mid-June a virtual test environment developed to provide a helping hand to central banks to simulate CBDC amount, distribution and transactions between different parts.
The platform is focused on enhancing the designs of CBDC wholesalers and retailers and provides a practical view of how, among a variety of possibilities, a CBDC could be interoperable with available payment methods and, in turn, be used to pay for everyday goods and services.
Based on this, Miebach described: “All of these countries need to make a trade-off between the existing delivery of financial products and what a CBDC is solving, whether it’s financial inclusion or cross-border payments. We have experience with all of that. “
Regarding stablecoins, Mastercard conducted a pilot test together with Circle, developer of USD Coin (USDC), stablecoin that will be used as a means of payment to facilitate card issuers to settle payments, with the aim of improving their card program for wallets and exchanges.
Mastercard conducted a pilot test with Circle, developer of USD Coin (USDC), a stablecoin that will be used as a means of payment to facilitate card issuers to settle payments
Miebach confirmed that his group is preparing a network capable of supporting transactions of this type of digital currency, provided that its issuers comply with regulatory compliance, as well as safety and consumer protection standards.
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