During an earnings call, Mastercard CEO Michael Miebach said that the company should not miss the huge opportunities in the rapidly growing crypto industry.
Miebach says that cryptos are not newbies anymore as they are now close to reaching mainstream adoption. He also said that traditional service platforms are now starting to adapt to the changing financial ecosystem, to keep up with people’s changing demands in financial services.
Giant financial processors like Mastercard, and its closest rival, Visa, are leveraging their large customer base and international clout to help governments test their CBDCs and private companies with their stable coins.
‘We have to be in this space’
“What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers,” Miebach said.
Mastercard’s CEO admitted that even with cryptos’ rapid expansion, it is still a relatively new market, and a lot of people are interested to know how cryptocurrencies work. Miebach wants to position Mastercard as the link between people and the growing market of cryptocurrencies.
Miebach is also confident that Mastercard’s long experience in the global payments processing business can certainly help governments with their CBDC (central bank digital currency) projects.
From financial inclusion to cross-border payments, he said, Mastercard has a long experience in these areas, which governments can tap to improve their CBDCs.
Diving deeper into crypto
Mastercard has also provided crypto support for several institutional and individual investors to help them keep up with their customers’ rising interest in cryptocurrencies.
In fact, Mastercard has already announced that it would officially support select cryptocurrencies to finally provide crypto services to its almost 1 billion customers worldwide.
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