As the cryptocurrency sector gains momentum in the political and regulatory arena, Mastercard is increasing its efforts to integrate blockchain technology into its payments ecosystem.
The global payments giant is working to create a seamless network for digital asset transactions.
“We’re bringing the scale and reach that we have to the space to make money flow between the two worlds in a simple way,” said Raj Dhamodharan, Mastercard’s vice president of blockchain and digital assets. He said there was a need for a user-friendly and compliant framework similar to mainstream peer-to-peer payment services like Venmo and Zelle in the United States.
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A critical aspect of Mastercard’s initiative is its adoption of the Multi-Token Network, which aims to bring financial institutions into the blockchain-based ecosystem. The company has partnered with major banking institutions like JPMorgan and Standard Chartered to explore applications like cross-border payments and the tokenization of deposits and carbon credits.
“Some companies in the traditional finance world are interested in entering this space because of the benefits technology offers and the new business models it can create,” Dhamodharan added.
Mastercard’s ambitions extend to its broad consumer base of 3.5 billion cardholders worldwide. The company has launched more than 100 crypto-focused card programs, including credit, prepaid, and rewards cards that offer crypto incentives instead of traditional cash-back options.
*This is not investment advice.
Continue Reading: Payment Giant Mastercard Announces New Cryptocurrency Initiative
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