Market decline

Mastercard Supports Crypto Despite Market Decline 1

Mastercard reiterated its bullish position on digital assets in the market despite the massive drop in recent weeks. With the company currently moving towards the sector, it is only a matter of time before full expansion. As the world turns to Web3, Mastercard has the ambition to become the heart of the discussion. In this case, the company’s vice president, Harold Bossé, believes that mass adoption is a trigger as companies continue to move into the sector.

Bossé worries about the challenges of crypto adoption

At a recent summit hosted by the World Economic Forum, Mastercard’s CEO joked that SWIFT can’t be the company to lead cross-border payments in the coming year. Additionally, in a webinar, Bosse talked about the increase in the adoption rate of digital assets by various companies in the country’s economic sector. He also touched on the challenges companies must overcome to fully immerse themselves in the world of crypto. In his view, businesses are now seeing crypto as a game changer, pushing asset adoption sky high. The VP believes that the market has entered the mass market phase, essential in its adoption phase.

Mastercard plans to end SWIFT’s dominance

Bosse also spoke about the challenges where he cited issues such as regulation, scalability, congestion and high fees as a barrier to industry adoption. Additionally, 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 convinced that new technologies like blockchain are still finding their way as new companies exploit them to create a great model. Several senior company executives believe that SWIFT will not remain at the top for long as other companies with better cross-border models would eclipse its dominance.

The company has also hinted at achieving this goal as it plans to collaborate with Ripple to conduct cross-border transactions. Mastercard has continued to innovate in the crypto industry, judging by the host of new updates from the company. Besides rewards and card services, the company has been actively acquiring crypto-related businesses over the past few years. It also works hand in hand with other companies to enable merchants to pay for goods and services with their crypto cards.