According to CNBC, Mastercard got a new patent in July 2018 for a strategy it says will improve the speed of cryptocurrency-related transactions. Many sources put the current processing time for a blockchain-based transaction at around 10 minutes; however, the new Mastercard strategy could speed up this process with accounts that can make cryptocurrency transactions directly. Mastercard plans to reduce these transaction times by offering a new type of user account that transacts in cryptocurrencies. If the patented offering is brought to market, it could eliminate the middleman by allowing customers to instantly pay for items on their credit card using digital currency.
Join in on the conversation with Alex Masters Lecky when you subscribe to CRYPTONICLES.