Mastercard has been granted a patent that grants it rights for a method for “managing fractional reserves of blockchain currency.”
With Mastercard’s latest patent, we’re getting closer to using our cryptocurrency credit cards to purchase goods. According to the filing, the method addresses the storing of both fiat and cryptocurrencies under one profile. This means, as a user, you’d have two linked accounts with your bank — one for your fiat wealth, and one for crypt
Mastercard Believes Cryptocurrencies’ Biggest Advantages are Their Biggest Challenges
In the document, Mastercard justifies the patent explaining how users have increasingly preferred cryptocurrencies to fiat currencies due to its anonymity. The company believes some consumers have chosen digital currencies in an effort to prevent fraud.
However, Mastercard argues cryptocurrencies ensure very little protection to the receivers of funds. While traditional fiat payments are processed in a matter of seconds, crypto transactions can sometimes take as long as ten minutes.
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