Payment behemoth MasterCard provided an update on its cryptocurrency plan of action during the company’s earning calls on Thursday past week. The company CEO, Mr. Michael Miebach, acclaimed that MasterCard has a desired significant key role in three main domains of the crypto. Alongside cryptocurrencies like Bitcoin, the company also has a contemplation on the private sector Stablecoins and CBDC (central bank digital currencies).
He further proclaimed: “As multi-rail players, we got to be in this latitude because people are looking for answers they don’t want to sell their investments, and we’re going to make this as easy as possible. So we own all these partnerships out there.”
The CEO further explained that they are making it unchallenging for cryptocurrency wallets to connect seamlessly via their network through a pilot called Paxos, Circle and Evolve Bank & Trust, which simplifies the conversion of crypto into fiat currency.” As an add up a statement he stated, “we are partnering with Consensys, the Ethereum software engineering firm, to accelerate the development of crypto applications and services to our consumers.”
Due to a lack of regulatory compliance, MasterCard functions alongside private sector players and regulators to initiate stable coins into the picture. MasterCard is also of the belief that central governments are operating on digital currencies that will be balanced by them. To grab the opportunity. Responding to a question about the company’s value proposition to the government and the central banks in the crypto space, the CEO said: “We bring a unique outlook to the market … to these players as a multi-rail provider as all the entire countries have to make the trade-off.”
MasterCard will ease trading with these digital currencies so that all the countries are availed with this service, 89 blockchain patents acknowledged with another 285 blockchain applications pending around the globe, we already have one of the payments industry’s massive blockchain patent portfolios to pull out to make these projects a prime success.