As the entire world is submerged into crypto space, the traditional financing service platforms are showing interest towards the crypto-market. The crypto-assets have the potential to become the future financial-sector, thus financial services are trying to adapt to the changing financial systems.
Mastercard wants to be the go-to company for governments and private entities when it comes to testing CBDC or stablecoins. However, crypto space is not new for Mastercard, the firm intends to strengthen its position in the industry.
In an earnings call on Thursday, Michael Miebach, CEO of Mastercard discussed the developments of crypto. Consequently, he stated that the platform intends to provide solutions for people who are new to the crypto space. Moreover, he explained that the company wants to help them learn the use cases regarding cryptocurrencies. He added:
“We believe that as a multi-rail payment provider, we bring a unique perspective to the market. People are looking for answers, so we should be in this space.”
Significantly, Mastercard has been showing its interest towards the crypto and blockchain industry frequently. Moreover, Mastercard has highly come-up with innovations on its platform as not to lose its clients to competitors, like Visa.
Innovative Projects on Mastercard
The company recently gave an announcement about Mastercard Start Path, an accelerator program for fintech startups. The program provides assistance to fintechs working with blockchain technology, cryptocurrency, and virtual currencies in general.
More so, Cledara, Asante Financial Services, SpendDebt, Tippy, and Moeda Seeds joined Mastercard in May. It recently added STACS, Taurus and Mintable, as well as SupraOracles. Mastercard is also interested in supporting digital currencies issued by central banks (CBDCs).
Furthermore, many institutional investors’ interest in the crypto market is growing enormously. Thus, Mastercard decides to assist investors in such transactions in order to avoid losing clients to competitors. Besides, if the platform implements the project then it enables users over 900 million to spend their crypto-assets using Mastercard.
Mastercard announced new partnerships earlier this month with Circle, Paxos, Evolve Bank & Trust, and many others on a joint project. The project enables banks and cryptocurrency companies to issue crypto cards which can be used wherever Mastercard is accepted.