Despite the current market volatility, dynamic and enterprising executives and investors are optimistic about its long-term prospects despite the current volatility of the crypto industry.
MasterCard has adopted a strategy of aggressive expansion into cryptocurrency by capitalizing on opportunities through strategic partnerships.
Harold Bose, vice president of new product development and innovation, predicts that widespread adoption of crypto resources and blockchain technology will happen sooner than previously thought.
As part of Avalanche’s Powering Business with the Blockchain series, Bossé said in a webinar on Tuesday that millions of people are receiving and sending digital resources from one part of the world to another.
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Unwavering focus on crypto and mainstream markets
“They’re early adopters and newcomers, but we’ve moved into the mainstream market,” Boss said. “This will be an important factor for financial institutions to move forward in this area.”
Boss, like many others before him, compared the current state of the cryptocurrency business to the early days of the Internet.
“Consider the advent of the Internet; No one even imagined that Amazon could be an idea; Amazon can’t operate without the Internet, “he said.
Bossé said there are millions of people consuming and sending digital assets from one part of the globe to another (R3).
Before cryptocurrency became popular, according to MasterCard executives, many obstacles had to be overcome. Among them, he added, senior management lacks understanding of commercial logic and regulatory considerations regarding scalability, scalability, cost and speed.
MasterCard’s crypto-related offers include acquisition of crypto-related prizes, credit cards and crypto startups.
Also, payment processing giant Crypto worked with a number of crypto companies, including Gemini and Nexo, to offer credit cards.
Mastercard team up with market leaders
MasterCard said in January this year that it had signed a partnership with Coinbase, the latest in a series of recent deals on payments and cryptocurrency titans.
Coinbase customers will be able to use MasterCard credit and debit cards to make purchases in the future NFT marketplace of cryptocurrency exchanges.
With its vast crypto expansion strategy, MasterCard could become a market leader in this field.
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Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com
Fixed stock performance
Meanwhile, MasterCard stocks performed better than most stocks during the current epidemic and market turmoil. Since April 2021, the stock has fluctuated roughly between $ 300 and $ 400 per share.
Shares fell nearly 3 percent to 338.21 on Tuesday, in line with market declines.
Ken Moore, chief innovation officer at MasterCard, recently said that the company is no longer “just a card network”.
“As we embrace and establish new businesses for the new client segment, we use technologies such as blockchain, cryptocurrency, smart contracts, augmented reality, virtual reality and quantum computing to create and compete in this new space.”
Featured image from The Verge, chart from TradingView.com