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The digital asset industry is growing, and so is the crime rate within this industry. As a result, governments worldwide are concerned that illicit money in crypto runs rampant. However, the truth looks slightly different. According to Chain analysis, only 0.15% of all crypto transfers were criminal in 2021 versus 2-5% illegal money in traditional finance.
With the launch of the new 'Crypto Secure' tool, powered by a sophisticated algorithm, Mastercard will help banks to identify and block transactions from fraud-prone crypto exchanges.
The company acquired the blockchain security startup CipherTrace last year to compete with Chainalysis, planning to combat fraud in the growing crypto industry. Chanalysis released data that around $14 billion was connected to illicit activities last year, far less than traditional finance with up $2 trillion in laundered money alone.
Despite crypto showing much fewer fraudulent transactions than regular finance, blockchain startups like Ripple and Oryen Network welcome the move to keep it that way and see Mastercard committing to crypto long-term.
Oryen Network argues that blockchain technology offers more transparency with all transactions visible on the blockchain, making it a more trackable means of exchange than closed banking systems. In addition, the DeFi project committed to providing transparent annual percentage yields to investors and just announced to guarantee a rate of 90% yearly, or more precisely 0.177% daily.
However, as a growing blockchain startup, ORY is interested in the long haul, seeing this as a positive development from the traditional banking and payment sector.
On the other hand, the cryptocurrency Ripple is already collaborating with traditional finance, rendering its services to banks like Santander or Siam Commercial Bank. XRP is used to settle international transfers nearly instantaneously with almost zero fees associated.
It is only in Oryen's and Ripple's interest to nip crime in the bud before it accelerates and infects the system, like in traditional finance, where fraud is still rampant, according to the United Nations.
Mastercard's move indicates a commitment to the future of crypto, caring for its customers to detect and fight fraudulent activities. In the same manner, cryptocurrencies like Ripple and Oryen Network are operating; with transparency and investors' safety in mind.
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