Mastercard Inc.: Cryptocurrency is about choice
Mastercard has announced yesterday its near future support plans for selected cryptocurrencies directly through its network.
The company begun supporting cryptocurrency about a year ago through a number of third party alliances including collaboration with WireX & BitPay. The decision to providing cryptocurrency support over Mastercards own network is a massive step forward.
Raj Dhamodharan, executive Vice President, digital asset & blockchain products & partnership has published the announcement article on the Mastercards Newsroom blog, providing insight about the companies plans, thoughts, policy and philosophy.
"Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But 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."
The company was clear about its plans to support only a select number of cryptocurrencies, which all obtain the following four key elements:
1. Privacy & Security of customer information
2. Strict compliance protocol, including KYC
3. Digital Assets must follow local law and regulations
4. Stability as a mean of payment rather than a mean of investment
In addition, Mastercard has been engaging with several central banks globally, reviewing plans for possible local CBDC adaptation.
"Last year, we created a test platform for these banks to use these currencies in a simulated environment. Using our deep experience in payments technologies, we look forward to continuing these partnerships with governments and helping them explore the best ways to develop these new currencies."
The company is very active with cryptocurrency related technology and holds 89 blockchain patents and an additional 285 blockchain applications pending.
"We already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful."
The news follows the recent headlines from fellow payment giants, including PayPal, who plans to open cryptocurrency support for its 26+ Million Merchants in Q1 of 2021. Visa, announcing its collaboration with ‘First Boulevard’ as partner for a new crypto API pilot project for the banking sector. Tesla purchase of $1.5 billion dollar worth of bitcoin. Grayscale’s $36.2 Billion Assets Under Management, and the list is growing by the minute.
2021 is a big year for the cryptocurrency ecosystem.
Why Mastercard is bringing crypto onto its network: Click Me!
Visa Expands Digital Currency Roadmap with First Boulevard: Click Me!
Cryptocurrency on PayPal FAQ: Click Me!