Mastercard announces a new blockchain payment system
Can blockchain technology disrupt the global payment system? Is Bitcoin the future of money? And if so, how can we position ourselves to benefit from these trends? These are questions that large companies like Mastercard and Square seem to be asking themselves. These financial innovators are taking steps to prepare their companies for competition and success in a world with cryptocurrencies.
Mastercard and Square partner to bring small business events to New York City and Los Angeles. Thus, it’s a battle of growth and consistency between these two financial services companies.
Strategic partnership with R3
Titan Mastercard is working with R3. This is a blockchain technology company that develops a new cross-border payment system. The blockchain-based solution will connect a faster payment infrastructure with banks supported by Mastercard’s clearing and settlement network.
Furthermore, “All institutions – large and small – rely on the ability to send and receive payments. Mastercard and R3 hope to alleviate these problems. Although it delivers a unique smooth real-time payment promise.
“The development of a new and better cross-border B2B payment solution by improving global account-to-account connectivity. It is critical for Mastercard,” said Mastercard CEO Peter Klein.
International blockchain payments in the network
Mastercard processes and clears international payments in the network. Meanwhile, R3 will connect its Corda Enterprise Blockchain platform to Mastercard’s payment infrastructure. Additionally, R3 says that “more than 300 of the world’s leading financial services companies have already joined the Corda ecosystem. Technology companies, central banks, regulators and trade associations are also on the list.
“Corda software has a special design for such enterprise use cases. We look forward to helping Mastercard deliver block-chain payments to businesses around the world,” said Rutter.
Square focus on blockchain technology
Square is one of the fastest-growing companies that has become the face of the mobile payments industry in many ways. Thus, the company also wants to help build Bitcoin’s ecosystem. Financial services company Square founded Crypto. It is a small, elite team of crypt developers to implement projects that help improve Bitcoin’s software. Also to strengthen the network.
Also, the company announced that it had hired three new team members: Valentine Wallace, Jeffrey Czyz, and Arik Sosman. This all happened on 19 September. Wallace worked at Lightning Labs, a blockchain technology company focused on developing scaling solutions for Bitcoin and other cryptocurrencies.
Czyz previously worked at Google and Sosman contributed to the Libra project, Facebook’s digital currency. Square said that the new hires complete his “first development team”, although he is still looking for a senior designer.
Moreover, Square has a thrill to bring his team of crypto cracks to the start. The company is actively promoting project ideas from the crypto community. “We want to hear from you about open-sourcing,” the company said on Twitter. There is no project that we would not consider as long as Bitcoin improves it or increases its prospects.
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First of all, you have to know everything about this unique company. In the same way, that’s why we’ve put together a free special report that presents this company in detail. Click here to download this report now for free. These financial innovators are taking steps to prepare their companies for competition and success in a world with cryptocurrencies.
(Featured image by Square via Unsplash)
First published in fool, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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