Mastercard Aims to Expand More Into Cryptocurrency Despite Recent Market Meltdown
The cryptocurrency market has taken a downturn in recent weeks. Bitcoin, the bellwether for the crypto market, hit a 52-week low last week, a slump not seen since December 2020, and with it, the rest of the altcoins. Mastercard was not deterred from expanding more into the cryptocurrency space, despite the recent market volatility linked to several factors. Regardless of this current crypto crisis, enterprising executives and investors are optimistic about the cryptocurrency industry's long-term potential.
Mastercard has capitalized on this market condition by making strategic partnerships with crypto platforms to make the best of this condition.
Harold Bossé, vice president of new product development and innovation, predicts that “the widespread adoption of crypto assets and blockchain technology will occur sooner than previously thought. On Tuesday, as part of Avalanche's Powering Business with Blockchain series, he stated that there are millions of persons consuming and sending crypto-assets from one part of the globe to another.”
“They are early and new adopters, but we have shifted to mainstream markets. This will be a crucial factor for financial institutions moving into this arena.”
Bossé, like many others before him, compared the current status of the cryptocurrency business to the early days of the internet, stating there would be obstacles that would need to be eliminated along the way.
Mastercard offers many crypto-related incentives, including crypto-related rewards, credit cards, and the acquisition of crypto startups. The payment processing giant has worked with several crypto companies, including Gemini and Nexo, announcing in January of this year that it had signed a collaboration with Coinbase. Coinbase customers can now use Mastercard credit and debit cards to make purchases on the future NFT marketplace of the cryptocurrency exchange. With this recent announcement and expansion into crypto, Mastercard might soon become a powerhouse in the crypto ecosystem.
Ken Moore, Mastercard's chief innovation officer, recently said that the company is no longer “simply a card network.” “As we embrace and establish new businesses for new client segments, we utilize technologies such as blockchain, cryptocurrencies, smart contracts, augmented reality, virtual reality, and quantum computing to create and compete in these new spaces.”
Watch out for Mastercard in the Cryptocurrency market.
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