Mastercard CEO Says The Company Has To Be In The Cryptocurrency Space

Mastercard CEO Michael Miebach said in an earnings call that the company has to enter the cryptocurrency space as it is really important for its future so let’s read more in today’s cryptocurrency news.

As crypto adoptions enter a mainstream stage the traditional financial services platforms are trying to adapt to the ever-changing financial ecosystem. To maintain their importance in the industry, payment processors like Visa and Mastercard intend to use their huge client bases and international reach to attract government and private entities when testing their CBDC or stablecoin projects. During the earnings call a day ago, Mastercard CEO Michael Miebach revealed that the company is trying to enter the cryptocurrency space and a virtual testing platform for the central banks.
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According to Miebach, the crypto industry is a relatively new market and people are still curious how this exactly works. His company wants to become the link that will help 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.”

Miebach noted that the company has strong experience in the field of expertise and it is poised to provide central banks with all services needed especially during the growing trend on CBDCs. All of the countries have to make a trade-off between the existing delivery of financial products and the CBDCs and their solutions for whether it is financial inclusion or cross-border payments. He added that Mastercard experienced all that and on the topic of stablecoins, Miebach disclosed that Mastercard will provide support for each transaction on the condition that the issuers strick to financial regulations and to ensure users’ safety.

A few weeks ago, Mastercard announced that it had partnered with USDC Stablecoin issuer Circle to test the USD settlements on the platform. With several institutional and individual investors becoming interested in crypto, payment facilitators like Mastercard decided to provide more support for them to avoid losing clients to its competitors. The company revealed that it will start supporting a few selected cryptocurrencies and he also admitted that they have become a huge part of the payments sector. The initiative will allow Mastercard’s users to spend crypto on all supported Mastercard vendors.