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Mastercard backs crypto despite market decline

TL;DR Breakdown
  • Mastercard reiterates bullish stance on crypto
  • Mastercard VP worried about adoption challenges
  • The company wants to halt SWIFTs dominance

Mastercard has reiterated its bullish stance on digital assets in the market despite the massive decline in the last few weeks. With the company currently making moves toward the sector, it is only a matter of time before a full expansion. With the world pandering towards Web3, Mastercard has the ambition to become the heart of the discussion. In this case, the company’s VP, Harold Bossé, believes that massive adoption is a trigger as companies continue to move into the sector.

Bossé worried about crypto adoption challenges

At a recent summit hosted by the World Economic Forum, the CEO of Mastercard made a joke about how SWIFT cannot be the company that leads cross-border payments in the coming year. Also, at a webinar, Bosse talked about the increase in the adoption rate of digital assets by various firms across the country’s economic sector. He also spoke about the challenges that companies need to overcome to immerse themselves in the crypto world fully. In his opinion, companies are now seeing crypto as a game-changer, pushing the adoption of the assets high into the sky. The VP believes that the market has entered the mass market stage, which is essential in its adoption phase.

Mastercard plans to halt SWIFTs dominance

Bosse also talked about the challenges where he cited issues such as regulations, scalability, congestion, and high fees as a deterrent to embracing the sector. Also, the top executive believes that the recent mishap experienced by LUNA has also created another stumbling block for the industry in terms of adoption. However, he is confident that new technologies like blockchain always find their way out as new businesses leverage them to create an excellent model. Several top executives at the company believe that SWIFT will not stay on top for long as other companies with better cross-border models would upstage its dominance.

The company also hinted toward achieving that aim as it looks to collaborate with Ripple to effect cross-border transactions. Mastercard has continued to break new grounds in the crypto sector, judging by the company’s host of new updates. Besides rewards and card services, the company has actively acquired crypto-related firms in the last few years. It is also working hand in hand with other companies to enable traders to pay for goods and services with their crypto cards.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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