Mastercard Executive Says Payments Giant Is Working To Unlock Full Potential Of Crypto And Digital Assets
A top executive at credit card giant Mastercard says the company is working to unlock the full potential of crypto assets.
In a new company blog post, Mastercard’s head of crypto and blockchain Raj Dhamodharan says the company plans to deliver on the long-awaited expectation that crypto-assets are viable means of payment.
According to Dhamodharan, the key to success in this regard is to bring together the various financial industries.
“To release the potential [of digital assets], we must bring together the best in technology, banking, fintech and crypto. This will create a range of new services and make the movement of money faster, easier and cheaper.
The long-awaited promise of turning crypto into a payment tool may be achieved. These collaborations can also help the crypto ecosystem improve security for users, counter future market turmoil, and achieve greater mainstream adoption.
One day soon, the ability to own and use a digital currency could be as seamless as making a contactless card payment.”
Mastercard says it currently has a number of projects under development that will help it achieve its goal. First, it plans to continue issuing crypto-focused debit cards around the world.
“These cards are a valuable bridge between existing financial services and the growing crypto ecosystem. In all, we’ve announced dozens of new crypto card programs globally this year.”
The firm also plans to provide cybersecurity tools to support crypto investors and issuers, as well as provide them with a way to quickly convert crypto to fiat as a means of settling payments.
Mastercard also plans to transfer approved digital assets to its network, although no specific cryptocurrency was named. Finally, the company says it is working to support non-fungible tokens (NFT) and the metaverse by allowing users of crypto exchange platforms to pay for their digital collectibles using Mastercard.
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