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- 1 Mastercard is planning to develop an API to ease the transactions in blockchain networks.
- 2 Trading of cryptocurrency will become easy with downloadable application programmable interface.
Application Program Interface is the significant step taken by Mastercard which shows the presence of the company in the fast growing industry. Besides the regulatory framework on crypto industry, the corporation has declared its plan of developing the API favorable for digital asset transfers.
The stance of Mastercard for crypto is made clear after its announcement for providing the limited number of cryptocurrency in February 2021. The corporation had also made it to the headlines last year by acquiring the crypto startup Ciphertrace and joined hands with the fintech firm, Uphold and Gemini to create the credit cards.
Software Facilitates Transactions Involving Blockchains
When crypto cards were announced, the same year the corporation declared its partnership with the crypto firms LVL, Wirex, and BitPay. The company has shown its friendliness with crypto by enabling various applications associated with blockchains.
Mastercard has planned to develop a software to facilitate the transaction involving blockchain and cryptocurrency. The company wants to connect the varied crypto currency exchanges by providing them seamless crypto transactions.
As stated in the tweet by Mastercard facilitates the virtual asset service providers (VASPs) for conducting the crypto transactions. The trade application related to digital currency was submitted by the company on June 12, 2023.
Mastercard is showing its determination to be ahead in the crypto industry by continuously providing the efforts made. It is always on the forefront regarding crypto. Firstly, by fortifying its cooperation with Uphold and Ciphertace and later on, by starting work on developing the crypto friendly API.
Mastercard API will Support Crypto Based Purchase
Patent legal representative, Mike Kondoulis said API is enhanced for blockchain and bitcoin. It will support the crypto based purchase and permits minimizing the link between the virtual asset provider. This will make the crypto purchase easier. The company also wants to form a system for banks to swap details of the consumer to prove the observation. This will save them from risks and frauds.
Mastercard had made a partnership with Coinbase in January, 2023, focusing on its expansion in the crypto industry. As noted, it will help various businesses in integrating crypto and non-fungible tokens (NFTs).
It will permit users to buy NFTs using credit cards on the exchanges upcoming non-fungible tokens marketplace. This collaboration will benefit Coinbase NFT, a more reachable marketplace for those who are not aware about crypto but want to buy non-fungible tokens.
Last month (May), Mastercard launched a cross border crypto credential service. In this, the services are designed to facilitate the easy transfer of crypto assets between countries. The transfers between the wallets are verifiable and compliance free. It uses the technology from Ciphertrace, which is a well-known blockchain analytics platform.
Mastercard’s filing of the trademark application to develop the crypto trading software shows the efforts of the company to facilitate the crypto industry and mark its presence in this sector. It shows the advancement in crypto besides the regulatory framework.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
