- NFT tokens are “clunky experience.”- Mastercard CEO.
When crypto came into existence, it was believed that it was one of the safest digital assets functioning on the blockchain. Some crypto evangelists believe crypto should become a mainstream payment option other than the traditional financial system.
In the last few months, cryptocurrencies have faced several issues like hacks and scams, and the most important is that the price is not stable like traditional currency.
The Chief Executive Officer of Mastercard, Michael Miebach, believes crypto needs more time than expected to become a mainstream payment option.
In an interview with a new outlet, Miebach noted that “an increasing number of investors want to delve into the cryptocurrency market,” The payment service company enables them to do so “as easy and more importantly as safe.”
Miebach sees a futuristic world where most consumers use bitcoin in their daily transactions and settlements. However, he believes that will not happen in the coming months, “I think it’s a long way to go before crypto becomes mainstream.”
The official further states that the lack of industry-wide regulations is one of the main reasons for slowing adoption. As he noted, many people are unaware of how to enter space and how to achieve maximum security on their holdings.
Michael stated an example using non-fungible tokens and claimed that holding these products is a “clunky experience.” Earlier in January 2022, Mastercard and Coinbase collaborated to ease payments.
He said, “So we partnered with Coinbase to make it as simple as you buying coffee. I think these things need to click in, and then you have the building blocks for it to become mainstream.”
The diversity of sectors that fintech addresses is represented in the firms that have now become a part of Mastercard’s suite of partners and customers, from cryptocurrency and open banking to data intelligence and identity solutions.
On 5 November 2022, TheCoinRepublic reported Matercard committed to providing help in fueling fintech acceleration by offering access to its expertise, network, and technology. The fintech firm supports Matercard’s strengths to be a portfolio of technology solutions, APIs, developer tools, partner networks, and startup programs.
On 7 November 2022, TheCoinRepublic reported that Mastercard created records on the social media platform. Mastercard introduced the “Start Path” program, especially for organizations that support the digital needs of small and medium-sized enterprises (SMEs). Across the world, SMEs hold 90% of global business at $50 trillion (USD).
Recently, Mastercard added seven startups to the Start Path program: Digital Treasures Center in Singapore, Loot Bolt in the United States, TBTM in Dubai, Fasset in Abu Dhabi, Quadrata in the United States, Stablecoin in Colombia, and Uptop in the US.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/11/09/mastercard-ceo-believes-crypto-is-not-ready-for-mainstream-adoption/