Mastercard Joins Coinbase-Backed BSSC, Signaling Faster TradFi Push Into Crypto
Summary
- Mastercard said it will join the Blockchain Security Standards Council (BSSC) as a charter-level member.
- The BSSC develops security and audit standards for the global cryptocurrency ecosystem.
- BeInCrypto said standardization could accelerate traditional finance (TradFi) participation in the cryptocurrency market.
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Mastercard is joining a blockchain security consortium whose members include US cryptocurrency exchange Coinbase.
BeInCrypto reported on April 21 that Mastercard will join the nonprofit Blockchain Security Standards Council, or BSSC, as a charter-level member. The group develops security and audit standards for the global cryptocurrency ecosystem. Current members include Coinbase, Fireblocks, Anchorage Digital and BitGo.
Mastercard will help design security frameworks for blockchain networks and tokenized assets through the BSSC. It also plans to participate in a working group focused on security and privacy guidelines.
The company intends to share decades of payment risk-management expertise with the consortium. BeInCrypto said fragmented security guidelines across the blockchain industry have been an obstacle to attracting institutional investors. Standardization could accelerate traditional finance's participation in the crypto market.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
