The council, formed by traditional financial conglomerates American Express, Discover, Visa and Mastercard, welcomes Decentralized Finance (DeFi) banking companies to forums of participating organizations that help improve the security of payment data around the world. increase.
Scallop, a regulated DeFi banking app, recently announced its participation in the PCI Security Standards Council (PCI SSC), a global community aimed at improving the security of payment data around the world. According to the DeFi company, we will work with PCI SSC to support the ongoing development and adoption of PCI security standards.
Lance Johnson, Executive Director of PCI SSC, said Scallop is “improving global payment security” to raise awareness and promote adoption of the PCI Security Standard, the global standard for payment security managed by PCI SSC. It states that it contributes to.
“In an era of increasingly sophisticated attacks on systems, PCI security standards and resources help organizations protect payment data and prevent, detect, and mitigate attacks that can lead to costly data breaches. increase.”
As a participant, the DeFi Banking Project will participate in 800 other organizations that help protect payment data around the world by contributing insights into the DeFi industry and encouraging council initiatives. The company also attends council meetings and shares experiences between sectors.
Related: Coinbase proposes cryptography to promote global sanctions compliance
In another crossover instance of traditional finance and blockchain-based payments, multinational e-commerce company eBay recently announced that the market could soon add cryptocurrency payments. In an interview, eBay CEO Jamie Iannone said the company is considering new payment methods.
On the other hand, according to digital asset banking executives, a clearer regulatory environment could spur the adoption of cryptography by more institutions. In a recent interview with Cointelegraph, SEBA Bank executive Christian Borel said institutional investors need a regulated partner to operate safely. This means that as the rules become clearer, institutions may start investing more money in the crypto sector.
