Cryptocurrencies are soaring in popularity worldwide as the traditional financial system shifts to incorporate more efficient digital systems.
However, despite the growing interest in cryptocurrencies, it is still challenging for novices to deal with terms such as hashrate and gas fees.
Recently, top financial institutions are unveiling new crypto products and services to improve user access.
Mastercard, Robinhood, and PayPal discussed plans for better on-ramping in crypto at Consensus 2023.
Mastercard, Paypal, And Robinhood Leading The Way
The GM of blockchain, crypto, and digital currencies at PayPal, Jose Fernadez, stated that despite the current crypto market drop, mainstream crypto adoption is close.
According to Fernadez, PayPal adopted crypto technology, believing it is a faster and more inclusive financial environment.
Also, the EVP of blockchain and digital currencies at Mastercard, Raj Dhamodharan, stated that the crypto ecosystem is transitioning.
According to Dhamodharan, the industry is still researching the technology and what benefits could be from it.
Also, he mentioned that newcomers to crypto are willing to use a trusted platform to take advantage of Web3 services.
As such, household names incorporating crypto into regular activities could be the catalyst that drives cryptocurrencies to mainstream adoption.
Notably, Mastercard launched Crypto Credential on April 28, the standards and infrastructures aimed at certifying the interactions between customers and businesses using blockchain networks.
Mastercard Crypto Credential Creates On-ramping Solutions
On their official website, Mastercard stated that crypto and blockchain have significant innovations that make life easier for users.
However, the lack of proper protection makes the process vulnerable to attack and destroys customers’ trust.
Therefore, regulators have created relevant regulations for the industry.
Also, central banks and other regulated financial institutions have built several solutions on public chains that are scalable with real-world use cases.
As such, the Mastercard Crypto Credential seeks to provide users with a seamless on-ramping experience with blockchain technology.
The Mastercard Music Pass NFT is an example of a Web3 music-based program for the Mastercard Artist Accelerator.
It connects musicians and provides opportunities to create, monetize and collaborate on music while maintaining control over it.
Also, Artificial Intelligence (AI) is also part of the Mastercard musical revolution, with Warpsound as their musical AI project.
Immersve is another Web3-based project for payment solutions in Australia and New Zealand.
Immersve partnered with Mastercard, enabling users to transact with cryptocurrencies directly from their Web-3 wallet.
Immersve uses smart contracts to link Web2 and Web3 applications.
Users retain control over their funds and decide how they spend to purchase goods and services.
These innovations will boost crypto adoption among individuals due to the brand reputation of these global organizations.
Read the full article here
