MasterCard's CEO believes in the massive adoption of cryptocurrencies that could happen soon. In his opinion, mass adoption is the key to institutional entry.
MasterCard’s Vice President of new product development and innovation, Harold Bossé, believes that the mass adoption of crypto assets and blockchain technology will happen sooner rather than later. At a blockchain webinar held on May 24, he said that millions of people are consuming and sending crypto assets around the world, according to be[in]crypto.
“They are early adopters and new adopters, but we have switched towards mass markets, [and] that will be a very important aspect for financial institutions to move into the space.”
Bossé noted that a number of challenges need to be overcome before cryptocurrencies become mainstream. Among them are a lack of understanding by senior management, the business case for scalability, cost, and speed, and regulatory issues. Bossé compared the current state of the crypto industry to the early days of the Internet. “Think about the advent of the internet; no one was thinking that Amazon could even be a concept—you need the internet for Amazon to work,” he stated. “We're in the same situation: How do we transform the lives of people and go into demographics or groups of people who don't really think about blockchain first but think about their business problems?” Bossé added.
MasterCard has already shown its interest in the crypto sector by providing crypto-backed lending services and its recent NFT and Metaverse trademark registrations.
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