MasterCard is working on leveraging crypto assets to the fullest extent possible, according to a top executive.
Turn Crypto Into an Everyday Payment
Raj Dhamodharan, Mastercard’s head of crypto and blockchain, writes on the company’s blog in a new post that the company plans to make good on its predictions regarding crypto assets becoming viable payment methods.
Dhamodharan believes that bringing together the various financial services industries is crucial to success.
“To unlock the potential [of digital assets], we need to bring together the best of tech, banking, fintech and crypto. This will create a variety of new services and make the movement of money speedier, simpler and cheaper,” he said.
“The long-sought promise of making crypto a payment tool could be achieved. These collaborations could also help the crypto ecosystem improve safety for its users, weather future market turmoil and reach greater mainstream adoption,” he added.
In addition, he also said that someday soon, purchasing and using digital currency could be as seamless as paying with a contactless card.
Having Many Projects to Achieve The Goal
As part of its effort to achieve its goal, MasterCard is currently developing a variety of projects. As a first step, it intends to continue to release crypto-focused debit cards across the globe.
Somani said, “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.”
Additionally, the firm plans to deliver cybersecurity tools to support crypto investors and issuers as well as a means of converting crypto to fiat to settle payments.
The company also plans to incorporate approved digital assets into its network, though no particular cryptocurrencies have been named.
Moreover, Mastercard plans to support non-fungible tokens (NFTs) and the metaverse by allowing crypto exchange platform users to buy digital collectibles using their credit cards.