Mastercard CEO says we must enter the crypto space

The traditional card network is working hard to ensure that its services are always at the center of new developments in digital assets, whether it is a central bank digital currency (CBDC) or a private sector stable currency.

On Thursday’s earnings call, MasterCard CEO Michael Miebach discuss The latest developments in cryptocurrency and CBDC show that the company is in a good position to continue to be the key to the flow of internal and international value:

“We believe that what we are doing is bringing a multi-track payment provider perspective to the market. We have to enter this field because people are looking for answers.”

Mastercard has been very active in keeping up with digital currency innovations, partly because Competing with its competitor Visa. In February, Mastercard announced its plan to support encryption in 2021, which is close to 1 billion users spend their cryptocurrency There are more than 30 million supported merchants worldwide.

Earlier this week, the company announced a new entrepreneurial participation plan As part of MasterCard’s starting path -Accelerator programs designed to support fintech companies and companies working with them Digital assets, cryptocurrency and blockchain technologyThe latest additions include blockchain oracle startup SupraOracles, blockchain infrastructure provider STACS, digital asset companies Taurus and Mintable, which is a market for issuing and trading NFTs.

On the public front, the company also launched a virtual test environment designed to help the central bank simulateIssuance, distribution and trading of CBDCs Between many parties. The platform is suitable for wholesale and retail CBDC designs, and provides practical insights on how CBDC can interoperate with existing payment methods and be used to pay for daily goods and services.

In the earnings call, Mibach said: “All these countries must make a trade-off between the delivery of existing financial products and the problems that CBDC solves, whether it is inclusive finance or cross-border payments. We have all of these. experience.”

Mastercard also did not ignore the stable currency field. In the stable currency field, there have been successful currencies like Circle’s U.S. dollar pegged U.S. dollar coin (USDC) And prepare to launch Diem affiliated with Facebook. Miebach confirmed that the company is preparing its network to support stablecoin transactions, provided that its issuer meets regulatory requirements and meets consumer protection and safety standards.

The CEO of Visa also made similar bullish comments on stablecoins this year, believing that their blockchain Can be considered a payment track Similar to RPT or ACH network. Visa also does not oppose more volatile encrypted assets, treating them as a store of value, and the company can still provide statutory import services for them.

related: Visa approves Bitcoin consumer card from Australian startup CryptoSpend

Eric Grover, the head of Intrepid Ventures, told reporters this week that both stablecoins and CBDC should be “in the cockpit of Mastercard and Visa,” and that both card networks should “enthusiastically” participate in these developments.

Earlier this month, MasterCard announced new partnerships with Circle, Paxos, Evolve Bank & Trust, and many other companies to launch a joint project to enable banks and crypto companies to launch An encryption card that can be used anywhere Mastercard is accepted.