Community meeting

A plan to help crypto?

On a daily basis, things change and new companies emerge as old ones disappear. Older names in finance, such as MasterCard, are now finding new ways to stay connected to the future. At an investor community meeting hosted by MasterCard on Nov. 10, an announcement and plan were presented that go in the direction of the company’s future economy, with a highlight specifically around crypto. -cash.

In this plan, MasterCard discussed specific things that will help the crypto community move forward and make everyday people feel more secure in using cryptocurrency. The company said the focus will be on “enable crypto,” which involves cryptocurrency spending, cashing out, and rewards, as well as crypto security, identity services, and network access. This also includes interoperability, stablecoins, and central bank digital currencies (CBDCs) – all of which are increasingly hot topics in crypto lately.

Senior MasterCard executives believe that crypto payment streams including remittances, traditional finance (TradeFi) and decentralized finance (DeFi) represent net new volume for the company. This is underlined by recent partnerships in the Asia-Pacific region that will enable consumers and businesses across the region to get crypto-linked Mastercard credit, debit and prepaid cards.

MasteCard said in late October that the company was working with digital asset platform Bakkt to enable merchants and banks in the United States to integrate cryptocurrency into their offerings, and we are now seeing some of the execution of this operation. This news may impact who will enter the crypto world, as some believe it will inspire other big companies to get involved; MasterCard’s competitor, Visa, has also taken initiatives in this area this year.

The spirit of a MasterCard

MasterCard Executive Vice President Rama Sridhar said that “together with these partners who adhere to the same fundamental principles as MasterCard – that any digital currency should offer stability, regulatory compliance and consumer protection – MasterCard is expanding what is possible with cryptocurrencies to give people even more choice and flexibility in how they pay.”

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These partnerships and the deployment behind them could be a big boost for the parties involved. MasterCard can now tap into a base of people who only use cryptocurrency to make purchases online, as well as coin holders who want to earn more.

We don’t know exactly when these will come into play, but after a public announcement like this, we know it’s likely to happen next year. Which other major card companies will follow the company’s lead and start implementing things that involve cryptocurrency?