The payment giant Mastercard has launched a new program dubbed “Crypto Source” in collaboration with cryptocurrency trading platform Paxos to enable banks and financial institutions to offer safe crypto trading services to their customers.
As per the announcement, the initiative would serve as a “bridge” between banks and the crypto trading platform Paxos. Mastercard will also handle security and regulatory compliance, two issues that are preventing banks from participating in the provision of crypto trading services.
As a result, Mastercard’s financial institution partners will have access to a full range of buy, hold, and sell services for a selection of cryptocurrency assets, as well as advice and proven identity services.
MasterCard Crypto Source to Allow Banks’ Crypto Services
The company claims that Mastercard Crypto SecureTM, which is a complement to the Crypto Source product, would help card issuers comply with stringent rules while enhancing the security of the crypto ecosystem.
The deal, according to Mastercard, seeks for Paxos to offer custody and trading services for crypto assets on behalf of the banks, while Mastercard will use its technology to incorporate such capabilities into the bank interfaces.
These services, according to the statement, contain four main parts: technology and partnership support to enable the purchase, holding, and sale of specific crypto assets; security management; crypto spending and cash-out capabilities given through a range of products and Crypto programme management.
Speaking on the partnership, Jorn Lambert, Chief Digital Officer at Mastercard, said, among other things;
“We’re excited to build on our long-term partnership with Paxos–co-innovating to bring safe and secure technology to financial institutions. Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers”
Furthermore, Walter Hessert, Head of Strategy at Paxos, said that Mastercard has a strong worldwide network of financial institutions and that this service would allow those institutions the fastest and most reliable option to provide their customers with safe, reliable crypto access.
“We’re thrilled to partner with Mastercard to further accelerate the mainstream adoption of digital assets,” he said
Eligible financial institutions now have the option to manage customer investments in crypto assets directly thanks to this special mix of services.
But according to the company, the Mastercard Crypto Source is presently being readied for pilot projects, and they will make more information on its wider availability available at a later time.
MasterCard’s Web3 Advocacy
The payment giant has been quite active in the blockchain space. As previously reported, Mastercard and Binance introduced the Binance Card in August to bridge the gap between cryptocurrency and everyday transactions in Argentina.
Similarly, the company teamed up with several NFT marketplaces in June to take payments via its network for NFT purchases, making it “easier and safer” to buy NFTs.
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StarkWarehas announced an initiative to scale Bitcoin and Ethereum using zero-knowledge (ZK) technology, backed by a $1 million research fund. The initiative aligns with Satoshi Nakamoto’s vision of enabling everyday micropayments.
The Bitcoin community is considering a technical proposal known asOP_CAT. If approved, it could enable potential STARK scaling on the Bitcoin blockchain. StarkWare supports OP_CAT and describes it as “the safest path for Bitcoin to scale.”
StarkWare recently introduced a new scaling framework, ZKThreads, which could prevent trapped funds and enhance the scalability of decentralized applications.
StarkWare, a leading blockchain technology company, has announced a bold initiative to bring Bitcoin to the masses. Backed by a $1 million research fund, the company aims to use zero-knowledge (ZK) technology to scale Bitcoin and Ethereum simultaneously.
The initiative is centered around Scalable Transparent Argument of Knowledge (STARK) cryptography, a form of ZK technology. StarkWare’s announcement aligns with Satoshi Nakamoto’s vision of enabling everyday micropayments and creating a scalable solution to support global Bitcoin transactions.
StarkNet, a recognized permissionless and decentralized rollup for Ethereum, will serve as the cornerstone for the scaling solution of Bitcoin and Ethereum. Rollups function by consolidating hundreds of thousands of transactions off-chain, andthen validating them on-chain at a significantly reduced cost.
StarkWare CEO and co-inventor of cheat-proof ZK cryptography, Eli Ben-Sasson, stated in a press release, “Bitcoin today is mighty, but still a fraction of what it can be.”
Boasting a valuation of $8 billion from its latest funding round, StarkNet declared that it initiated trials of zero-knowledge proofs on Bitcoin back in March. This followed their pledge to release their technology under an open-source license.
The Potential of OP_CAT
The Bitcoin community is currently considering a technical proposal known as OP_CAT. If approved, it could pave the way for potential STARK scaling on the BTC blockchain. Ben-Sasson expressed StarkWare’s support for OP_CAT, describing the OP_CAT Bitcoin soft fork as “the safest path for Bitcoin to scale.”
Introducing ZKThreads
This announcement follows StarkWare’s recent introduction of a new scaling framework, ZKThreads. Louis Guthmann, head of product/market strategy at StarkWare, believes that the framework can prevent trapped funds and enhance the scalability of decentralized applications, potentially preventing a recurrence of incidents like the FTX-Alameda collapse.
StarkWare’s ambitious plans demonstrate the potential of ZK technology to unlock and benefit Bitcoin and the broader blockchain community. As the company seeks to promote research into OP_CAT, the future of Bitcoin could be on the brink of a significant transformation.
Integration and Simplified User Interface: Katana DEX, Ronin’s decentralized exchange, has been integrated into Ronin Apps, centralizing various services on app.roninchain.com. This integration simplifies the user interface.
Wrapped RON (wRON): Users can now wrap RON into Wrapped RON (wRON) directly from the Katana DEX and the Ronin Wallet. This update simplifies the wrapping process, enhancing security and convenience.
Innovation Zone and Expansion: Katana plans to introduce the Innovation Zone, providing a safer space for users to access newer, more volatile tokens and opportunities for third-party builders to launch new tokens. Since its launch in 2021, Katana has supported liquidity for various game tokens.
Ronin’s decentralized exchange, Katana, has introduced significant updates to improve user experience and expand functionality. The platform, which allows users to swap, pool, and farm tokens, has now been integrated into Ronin Apps, centralizing various services on app.roninchain.com.
Simplified User Interface: The integration brings a simplified user interface, making it easier for new users to navigate the ecosystem. All functionalities, including swapping, pooling, farming, bridging, and staking, are now accessible from one location. This update eliminates the need to use separate platforms for different actions, streamlining the process for users.
Wrapped RON (wRON): Another key update is the ability to wrap RON into Wrapped RON (wRON) directly from the Katana DEX and the Ronin Wallet. wRON is essential for making offers on Mavis Market and participating in Ronin ERC20 token launches. The update simplifies the wrapping process, enhancing security and convenience.
The Innovative Features that Will Proppled Katana DEX to the Future
Legacy Website Redirection: The legacy Katana website will soon redirect users to app.roninchain.com, with the transition expected to be completed by May 7th, 2024. This change will unify the user experience across mobile and desktop browsers.
Innovation Zone: Looking ahead, Katana plans to introduce the Innovation Zone before the end of summer. This new feature will provide a safer space for users to access newer, more volatile tokens. It will also offer opportunities for third-party builders to launch new tokens and for users to create new liquidity pools.
Growth and Expansion: Since its launch in 2021, Katana has supported liquidity for various game tokens, including Pixels, Apeiron, and Play & Kollect. The integration with Ronin Apps is a strategic move to simplify user interactions and lay the foundation for further growth.
The updates to Katana DEX reflect Ronin’s commitment to enhancing user experience and fostering innovation within its network. As the platform continues to evolve, it promises to bring exciting new opportunities for users and developers alike.
Tether, the issuer of the world’s largest stablecoin USDT, has launched an official recovery tool to help users transfer their USDT holdings from unresponsive blockchains, ensuring continuous availability and safety of USDT.
Therecovery tool provides a user-friendly interface for verifying ownership and migrating USDT to supported blockchains, offering a simple solution for potential challenges within the blockchain network.
Tether’s recovery tool works seamlessly with widely used browser extension wallets and hardware wallets such as Ledger and Trezor, reflecting the company’s commitment to user safety, service continuity, and cross-functionality.
Tether, the issuer of the world’s largest stablecoin USDT, has announced the launch of an official recovery tool. This tool is designed to help users transfer their USDT holdings from blockchains that are currently unresponsive. This move is part of Tether’s commitment to ensuring the continuous availability and safety of USDT for all its users worldwide.
The announcement comes at a time when USDT reached a significant market capitalization milestone of $100 billion on March 4th. This represents a notable growth of 9% year-to-date. The recovery tool offers a user-friendly interface for verifying ownership and migrating USDT to supported blockchains, thereby ensuring uninterrupted access to funds.
The recovery tool offers a simple remedy for potential challenges within the blockchain network, enabling users to transfer their USDT to a different blockchain that is supported. This aligns with Tether’s philosophy of maintaining the utility, security, and accessibility of USDT across multiple blockchains.
Tether’s Recovery Tool: Seamless Integration with Browser Extension Wallets
The recovery tool features a friendly interface that allows users to quickly verify their addresses on an unresponsive blockchain and choose a recipient address on an alternate supported blockchain. The tool can be used through web and command-line interfaces, catering to a variety of user preferences.
This system is designed to work seamlessly with widely used browser extension wallets and hardware wallets such as Ledger and Trezor, ensuring a secure and straightforward process. Tether prioritizes cross-functionality and ease of access, demonstrated by the availability of USDT on nearly 15 different blockchains, including but not limited to Bitcoin, Ethereum, Polygon, Solana, Tron, and Tezos.
The company conducts stringent due diligence before partnering with a new blockchain to evaluate potential risks and threats, reflecting its proactive approach to risk management and operational resilience.
Tether’s development of the recovery tool underscores the company’s commitment to user safety and service continuity, particularly in emerging markets and developing countries where USDT is prevalent in daily financial transactions.
The firm’s announcement underscores the importance of ensuring USDT’s availability and security in all conceivable situations, including those that affect the functioning of blockchains.