A November 2024 integration with JPMorgan's blockchain business unit improved the speed of settling cross-border transactions by making it available 24/7, streamlining a process that typically takes days to coordinate across time zones. Last year Mastercard also worked with Standard Chartered Bank in Hong Kong to test paying for carbon credits in a tokenized form. A February partnership with Ondo Finance, a fintech that tokenizes money market funds and treasuries on-chain, is helping Mastercard to make institutional financial assets available digitally.
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83 sats \ 3 replies \ @grayruby 1 Apr
Isn't this supposed to be what XRP is for and banks don't even use it. Haha
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40 sats \ 2 replies \ @Coinsreporter OP 1 Apr
I think it would be another plastic card which should convert fiat to digital assets, as mentioned in the article. But looking at how much time they have done r&d on it, I doubt mastercard have any clue how and what to do. Haha.
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20 sats \ 1 reply \ @grayruby 1 Apr
It's true. We have been hearing about these private blockchain solutions for years but nothing really has become of it. Other than for niche use cases there really isn't much incentive for mega cap companies to upend their current processes to implement a blockchain solution. The current system of 3 days settlement (or whatever it is) sucks but everyone is so used to it, so unless they were losing market share to a competitor using a quicker, cheaper option why would they switch.
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40 sats \ 0 replies \ @Coinsreporter OP 1 Apr
Yes, they won't switch and they don't want to switch. The Blockchain tech is there for 15 years now and I haven't really seen them implementing it for anything else than CBDCs. But from India's CBDC experience, I can say it's not different than using fiat, in fact it's worse than that. I don't know why but India central bank have put a limit of 10000 INR transaction per day on CBDC.
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0 sats \ 0 replies \ @TheMorningStar 1 Apr
Mastercard should improve its services first then think about blockchain.
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