Mastercard’s crypto head emphasizes security, simplicity for blockchain’s full potential
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Mastercard is convinced that crypto and blockchain technology can bring much more value to the financial industry once it can solve the key issues of security and simplicity, TechCrunch reported, citing the company’s EVP and head of crypto and blockchain Raj Dhamodharan.
Dhamodharan made the comments during a blockchain-focused panel at Mastercard’s North America Innovation Day on May 23.
“Lots of Promises”
Dhamodharan said that crypto and blockchain technology has gained more influence worldwide every day; However, their use cases are limited due to lack of comprehensive security and complicated user interactions.
He said:
“Establishing trust in the blockchain ecosystem is a critical step in realizing its full potential.”
According to Dhamodharan, once these issues are resolved, brands and companies will be much more confident about engaging in the web3 industry.
He added that most people see crypto as an investment opportunity, but “the technology itself has a lot of promise” beyond just being a good way to move and store capital.
Mastercard’s EVP of Security and Cyber Innovation Johan Berger said during the panel:
“What you need for this technology to scale globally is interoperability and underlying trust security.”
Mastercard’s steady push into crypto
Mastercard was one of the first traditional financial institutions to get involved in the crypto industry.
The company has steadily expanded its repertoire of crypto services by partnering with various industry players such as Binance, Gemini and Paxos over the years. Many exchanges offer debit and credit cards powered by Mastercard.
The company is also heavily involved in helping governments figure out central banks’ digital currencies and the underlying payment infrastructure.
Dhamodharan joined Mastercard in 2010 and became head of the crypto division in 2019. He has led the company’s aggressive push into crypto in recent years and views the industry as an opportunity rather than a threat to its dominance in the payments sector.
He said in an interview with Protocol in 2022:
“We don’t think of it that way [as a threat] at all. I return to the maturity cycles of various technologies in crypto. Potentially the most mature crypto as an investment asset class.”
Dhamodharan also said at the time that Mastercard entered crypto because its customer base was interested in buying Bitcoin and other cryptocurrencies. He added that Mastercard’s purpose is to provide a secure way for users to experience crypto.
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