{"id":13513,"date":"2023-05-25T05:25:05","date_gmt":"2023-05-25T09:25:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/mastercards-chief-says-blockchain-can-bring-much-more-value-to-financial-services\/"},"modified":"2023-05-25T05:25:06","modified_gmt":"2023-05-25T09:25:06","slug":"mastercards-chief-says-blockchain-can-bring-much-more-value-to-financial-services","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13513","title":{"rendered":"Mastercard&#8217;s Chief Says Blockchain Can Bring Much More Value to Financial Services"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">Payment giant <strong>Mastercard<\/strong> finds that crypto and blockchain are useful and can bring much more value to financial industries as a whole, but only when they tackle the security and ease of use issues in order to build trust.\u00a0<\/p>\n<p style=\"text-align:justify;\">Raj Dhamodharan, Mastercard\u2019s EVP and head of crypto and blockchain, spoke during a North America Innovation Day event, and said that the novel technologies of blockchain and crypto are becoming more popular globally.<\/p>\n<p style=\"text-align:justify;\">However, Dhamodharan noted, the lack of security and complex user interactions limit the technologies&#8217; use cases and utilities.<\/p>\n<p style=\"text-align:justify;\">Therefore, while crypto technology has the ability to store and move capital and value, he argued, these use cases become sparse when safety and simplicity are not priorities.<\/p>\n<p style=\"text-align:justify;\">The EVP was quoted by TechCrunch as saying that,\u00a0<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">&#8220;Instilling trust in the blockchain ecosystem is a critical step in realizing its full potential.&#8221;<\/p>\n<\/blockquote>\n<p>Similarly, Johan Gerber, EVP of Security and Cyber Innovation, said that,<\/p>\n<blockquote>\n<p>&#8220;What you need for this tech to scale globally is interoperability and underlying security of trust.&#8221;<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">When these key points are accomplished, Dhamodharan opined, it will be a lot easier for various companies, both traditional and new players, to enter the Web3 industry and engage with it.\u00a0<\/p>\n<p style=\"text-align:justify;\">There is capital and talent coming into the industry, and there is plenty of innovation to be seen, but the technology holds more potential, Dhamodharan said.\u00a0<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">&#8220;People look at crypto and think of it as an investment, but there\u2019s a whole sector that\u2019s a lot more useful for financial industries as a whole. The technology itself holds a lot of promise.&#8221;<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">Gerber added that Mastercard &#8220;aims to provide a technological foundation that allows everyone from small startups to massive financial institutions to innovate and build upon.&#8221;<\/p>\n<h2 style=\"text-align:justify;\">Not a Newcomer<\/h2>\n<p style=\"text-align:justify;\">Mastercard is not new to the industry. Several developments have been announced over the past few months alone.<\/p>\n<p style=\"text-align:justify;\">As reported in October last year, the company debuted a new piece of software, Crypto Secure, powered by <strong>CipherTrace<\/strong>, meant to help banks identify and cut off transactions from fraud-prone crypto exchanges.\u00a0<\/p>\n<p style=\"text-align:justify;\">That same month, Dhamodharan said that &#8220;someday soon&#8221; we would be able to spend cryptocurrencies as seamlessly as contactless card payments, but that it would require developments in some key areas, including crypto cards, service providers, and easier crypto-to-fiat conversion for payments.\u00a0<\/p>\n<p style=\"text-align:justify;\">In November, CEO Michael Miebach argued that it is &#8220;entirely possible,&#8221; that one day everybody will be paying with Bitcoin (BTC), &#8220;but I think it\u2019s a long way to go before crypto becomes mainstream.&#8221;<\/p>\n<p style=\"text-align:justify;\">Also in November, Mastercard launched Start Path Crypto, a global engagement program to help blockchain, crypto, and digital asset startups scale.<\/p>\n<p style=\"text-align:justify;\">Meanwhile, in June 2022, the company said<strong> <\/strong>it would begin enabling non-fungible token (NFT) trading for a range of crypto-ecosystem platforms, including marketplaces, metaverse gaming titles, and Web3 infrastructure providers.<\/p>\n<p style=\"text-align:justify;\">And in February this year, Satvik Sethi, the former NFT Product Lead at Mastercard, made a unique announcement: he surprised the NFT community by minting his resignation letter as an open-edition NFT on Ethereum via the digital collectibles protocol <strong>Manifold<\/strong>.\u00a0<\/p>\n<p style=\"text-align:justify;\">____<\/p>\n<h3 style=\"text-align:justify;\">Learn more:\u00a0<\/h3>\n<p style=\"text-align:justify;\">&#8211; BitOasis Partners With Mastercard<br \/>&#8211; Mastercard to Enable Direct NFT Payment Options for Marketplace Operators<\/p>\n<p>&#8211; Payment Giants Visa and Mastercard Push Back Launch of Crypto Products Due to Uncertain Market Conditions<br \/>&#8211; Visa Reaffirms Commitment to Crypto Tech Despite Recent Reports \u2013 Here&#8217;s The Latest<\/p>\n<p>&#8211; What is Blockchain Technology?<br \/>&#8211; The Difference Between Bitcoin and Traditional Currencies<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/mastercards-chief-says-blockchain-can-bring-much-more-value-financial-services.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Payment giant Mastercard finds that crypto and blockchain are useful and can bring much more value to financial industries as a whole, but only when they tackle the security and ease of use issues in order to build trust.\u00a0 Raj Dhamodharan, Mastercard\u2019s EVP and head of crypto and blockchain, spoke during a North America Innovation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-13513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mastercard&#039;s Chief Says Blockchain Can Bring Much More Value to Financial Services | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Payment giant Mastercard finds that crypto and blockchain are useful and can bring much more value to financial industries as a whole, but only when they\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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