Payments giant Mastercard (MA) is introducing a service that allows issuers to assess the risk profile of cryptocurrency exchanges with the aim of making crypto buying more secure.
This could make the process of buying crypto easier for users because it will mean card issuers do not have to apply a blanket approach to approving or declining transactions.
Crypto Secure will present issuers with a dashboard that identifies exchanges, measures transaction approval and decline rates and provides a benchmark rating for comparison to a peer group of financial institutions.
The new service is Mastercard's latest foray into the crypto world, which have been gathering pace over the last few years. In October it partnered with digital asset platform Bakkt to allow U.S. merchants and banks to build crypto into their offerings through custodial wallets powered by Bakkt and crypto debit and credit cards.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.