MasterCard Aims to Lead Card Network In The Crypto Space
MasterCard intends to become the preferred crypto card provider for governments and private entities, should CBDCs and stablecoins finally gain traction.
MasterCard joins Paypal and Visa in an unspoken race to become the de-facto influence in the crypto card industry – an interesting far cry from the indecisive crypto stance that had been common among traditional financial institutions.
MasterCard Prioritizes the Crypto Industry
MasterCard is increasingly making innovations targeted at crypto audiences. And not only is MasterCard targeting crypto audiences, it is doing all it can to assume pole position, should cryptocurrencies take over traditional payment methods in the near future.
Michael Miebach, CEO of MasterCard, discussed the company's intent on cryptocurrencies during an Earnings conference call on July 29, and pointed out that MasterCard Inc. was perfectly positioned to work with the increase of digital assets in global flows.
Crypto demand has grown increasingly high in the recent past. With the rapid growth of crypto customer user bases, card networks like Visa and Mastercard are striving to stay on their toes.
MasterCard first announced in February that it would support certain cryptocurrencies on its platform this year. In May, the company partnered with the crypto trading platform, Criptan. Pecunpay, an electronic finance institution, was likewise involved in the collaboration.
Through collaborative efforts, MasterCard's first Crypto card, dubbed CriptanCard, was launched and made available in Western Europe. With the crypto card, users have the option to use one of the various cryptocurrencies in the course of transactions.
Occupying Vacant Spaces
MasterCard could be on its way to become the go-to card network for all crypto related transactions. Like debit cards arrived to occupy a vacant niche in the financial space, crypto cards appear to be just as important. Just as monumental.
We have to be in this [crypto] space, MasterCard CEO, Michael Miebach, insisted. "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."
Earlier this week, MasterCard shared news of the launch of a form of its Start Path startup program, this time specifically aimed at firms and companies that work with digital assets and blockchain.
The race is on, no matter how underspoken it is. And curiously, it is not only MasterCard running on the race track. Competitors are making careful strategies just as well. Only recently Visa secured a partnership with BlockFi to launch credit cards offering clients Bitcoin rewards. PayPal is also in the conversation, and like Michael Miebach, eager to talk about it.
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