Over the last decade, Bitcoin emerged as a prominent asset in the financial world. This notable journey of the asset has lured MasterCard and an array of mainstream companies into its industry. Earlier, accounts that were associated with crypto were outrightly banned. But now, however, banking giants were seen incorporating crypto into their system. After PayPal, MasterCard seems to be spearheading the move towards crypto.
MasterCard To Take A Plunge Into Crypto In 2021
The COVID-19 pandemic limited human contact and made the world realize the importance of digitalization. MasterCard seems to be getting on to the digitalization train with its latest venture. In a recent blog post, MasterCard revealed that it intends to aid cryptocurrencies this year. With the growing demand for crypto, the network doesn’t want to deprive its users of the digital asset world.
While the assets that MasterCard would potentially support is still under the wraps, the network wants to lay its focus on stablecoins. If this plan takes off, the network could spruce up crypto adoption as the network hoards a whopping 30 million merchants. The post further read,
“We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want. It should be your choice, it’s your money.”
With its latest move, MasterCard hopes to uphold four things, the privacy as well as security of its users and their information, KYC and other regulatory requirements, stability along with compliance with the local laws.
MasterCard’s association with the crypto-verse goes way back. The network even went on to join hands with prominent crypto platforms like Wirex as well as BitPay, last year to formulate crypto cards. Apart from this, the network is reportedly aiding central banks across the globe in the development of CBDCs.
Furthermore, the network made it clear that it wasn’t recommending its customers to start using cryptocurrencies. However, it promises to help its users, merchants as well as businesses to drive digital value.
While Visa is still discussing the potentials of incorporating crypto into its system, PayPal has even aggravated the bulls in the crypto market.
The overall market cap of the crypto industry had hit a high of $1.40 trillion, MasterCard’s latest move is speculated to help the industry achieve $2 trillion.