Global payment firm Mastercard has embraced an aggressive expansion strategy into crypto, capitalizing on the opportunity through partnerships. As the world shifts to Web3, Mastercard wants to become the leader. Mastercard VP Harold Bossé believes mass adoption of blockchain technology and digital assets will happen sooner as financial institutions move into the space.
Meanwhile, Mastercard CEO Michael Miebach, during the World Economic Forum’s annual (WEF) summit hosted by the Global Blockchain Business Council, joked that SWIFT will not be a dominant cross-border payment system in the next five years.
Mastercard Executives Bullish on Crypto Future Amid Web3 Push
During an Avalanche webinar, Mastercard VP Harold Bossé shared rising digital assets’ adoption by fintech, banking, and payments firms. Moreover, Bossé explores the challenges financial institutions face when using digital assets for cross-border payment.
Crypto optimism among companies, businesses, and consumers is rising as mainstream adoption of bitcoin and other cryptocurrencies continue to gain momentum. He said:
“They are early adopters and new adopters, but we have switched toward mass markets, [and] that will be a very important aspect for financial institutions to move into the space.”
However, the lack of understanding among senior management, commercial rationale surrounding scalability, cost and speed, and regulatory concerns are major challenges for companies.
Moreover, the collapse of UST and LUNA, and regulatory uncertainty have paused developments in the crypto market. Nevertheless, the adoption of emerging technologies has always been beneficial in creating new business models and systems.
On the other hand, Mastercard CEO Michael Miebach, along with Jennifer Lassiter, executive director of the Digital Dollar Project, and Yuval Rooz, the CEO of Digital Asset, think SWIFT will be replaced by other efficient cross-border payment systems. In fact, Mastercard being a Ripple partner may be looking at it as a capable system to replace the SWIFT system.
Mastercard Continues to Expand in Crypto Space
Mastercard has been expanding massively in the crypto space by offering crypto-related rewards, credit cards, and acquiring crypto companies. Moreover, Mastercard had partnered with several crypto firms such as Nexo and Gemini to launch crypto credit cards. The global payments firm with its massive crypto expansion strategy could become a leader in the space.
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