Mastercard CEO says they are working to unlock the full potential of crypto and digital assets
A senior executive at credit card giant Mastercard says the company is working to unlock the full potential of crypto assets.
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In a new company blog post, Mastercard's head of cryptocurrency and blockchain, Raj Dhamodharan, says that the company plans to deliver on the long-awaited expectation that crypto assets will be viable payment methods.
According to Dhamodharan, the key to success in this regard is bringing together the various financial services industries.
“To unlock the potential of digital assets, we must bring together the best of technology, banking, fintech, and cryptocurrencies. This will create a variety of new services and make the movement of money faster, simpler and cheaper.
The long-sought promise of making cryptocurrencies a payment tool could be achieved. These collaborations could also help the crypto ecosystem improve security for its users, weather future market turmoil, and achieve greater mainstream adoption.
One day soon, the ability to own and spend digital currency could be as simple as making a contactless card payment.”
Mastercard says that it currently has a variety of projects in development that will help it achieve its goal. First, it plans to continue launching crypto-focused debit cards around the world.
“These cards are a valuable bridge between existing financial services and the growing crypto ecosystem. In total, we have announced dozens of new crypto card programs globally this year."
The firm also plans to provide cybersecurity tools to support cryptocurrency investors and issuers, as well as provide them with a way to quickly convert cryptocurrencies into fiat money as a means of settling payments.
Mastercard also plans to bring approved digital assets to its network, although no specific cryptocurrency was named. Lastly, the company says it is working to support non-fungible tokens (NFTs) and the metaverse by allowing crypto exchange platform users to pay for their digital collectibles with Mastercard.
Oct 15, 2022