Raj Dhamodharan, Mastercard’s Executive Vice President of Blockchain and Digital Assets, emphasized the company's goal: "We bring the scale and reach that we have to the space for the money to flow between the two worlds in a simple way." He envisions blockchain transactions becoming as straightforward and compliant as using Venmo or Zelle.
To achieve this, Mastercard is promoting its Multi-Token Network, a crypto-friendly platform designed to help banks develop new applications such as cross-border payments and tokenizing deposits and carbon credits. Collaborations with major banks like JPMorgan and Standard Chartered are integral to these efforts.
For consumers, Mastercard has introduced over 100 crypto-oriented card programs globally, including credit, prepaid, and rewards cards that offer cryptocurrency rewards instead of traditional cashback. This initiative aims to enable the company's 3.5 billion cardholders to seamlessly transfer funds between fiat and cryptocurrencies, thereby enhancing capital flow and purchasing power in the crypto space.
Since 2015, Mastercard has demonstrated a strong commitment to blockchain and digital asset technologies by applying for more than 250 related patents. Additionally, through its startup accelerator program, the company has supported 43 blockchain startups since 2021, fostering innovation and development in the sector.
To further enhance trust and security in blockchain transactions, Mastercard has introduced the Crypto Credential service, which establishes standard verification criteria to ensure trusted interactions between consumers and businesses on blockchain networks.
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