Mastercard Has to Be in the Cryptocurrency Space, Says CEO

4 months ago

Mastercard CEO Michael Miebach said in an earnings call that it is important for the company to be in the cryptocurrency space.

https://i0.wp.com/storage.waploaded.com/images/7aaa6ccd7ab17de4e74e5024d39498c8.jpg

As cryptocurrency adoption enters a mainstream stage, traditional financial services platforms are trying to adapt to the changing financial ecosystem.

To maintain their importance in this industry, payment processors like Mastercard and Visa intend to use their large client base and international reach to attract both government and private entities when they are testing their CBDC or stablecoin projects.

During an earnings call yesterday, Mastercard’s CEO, Michael Miebach, revealed that the company is devising a new initiative to help startups and a virtual testing platform for central banks.

Mastercard CEO: We have to be in this Space

According to Miebach, the cryptocurrency industry is still a relatively new market, and people are curious to know how exactly it works. His company plans to be the link that helps them understand the use cases and impacts.

“What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers,” the CEO said.

Miebach noted that the company is experienced in its field of expertise and is poised to provide central banks with whatever services they need, especially on the growing trend of CBDCs. 

“All of these countries have to make a trade-off between existing delivery of financial products and what a CBDC is solving for, whether it’s financial inclusion or cross-border payments. We have experience with all of that,” he added. 

https://i0.wp.com/storage.waploaded.com/images/ad3d18445e433d263617b047d4928934.jpgMichael Miebach. Source: Linkedin

On the topic of stablecoins, Miebach disclosed that Mastercard would soon provide support for such transactions on the condition that the issuers strictly stick to financial regulations and ensure users’ safety.

Just a few weeks ago, Mastercard announced that it had partnered with USDC stablecoin issuer, Circle, to test USDC settlements on its platform.

Mastercard’s Merchants to Accept Crypto

With several institutional and individual investors becoming increasingly interested in cryptocurrencies, payment facilitators like Mastercard decided to provide support for them to avoid losing their clients to competitors.

Earlier this year, the company revealed that it would start supporting several selected cryptocurrencies, admitting that they have become a vital part of the payments sector.

The initiative will allow Mastercard’s over 900 million users to spend their crypto assets on all supported Mastercard vendors.

Related Forums
Violence done to women, children against human values, says Edo CP
Forum

Violence done to women, children against human values, says Edo CP

2 hours ago
The Oyinbo In Me Is Confusing Me Already – Yvonne Jegede Says As She Shares The Food She Has Been Eating Lately
Forum

The Oyinbo In Me Is Confusing Me Already – Yvonne Jegede Says As She Shares The Food She Has Been Eating Lately

6 hours ago
When A Man Says He Loves You, Don
Forum

When A Man Says He Loves You, Don't Conclude He Wants to Marry You – Actress Ani Amatosero Warns Ladies (Video)

6 hours ago
I Don’t Date Boys, Boys Make Me Angry, I Do Men – Blessing CEO Replies Fan
Forum

I Don’t Date Boys, Boys Make Me Angry, I Do Men – Blessing CEO Replies Fan

7 hours ago