Friday, September 30, 2022

MasterCard Broadens its Consulting Services to Focus on Crypto

Mastercard Inc’s focus in recent times has been on banks and other financial institutions that need to be assisted when adopting technologies that are crypto inclined. The financial company is taking this focus to a new level, unveiling through a press release published today said that it will be broadening its consulting service to focus on digital currencies

MasterCard is a U.S based financial corporation that processes payments via its platform. The financial network works in conjunction with several institutions worldwide. MasterCard transactions are made using either prepaid cards, credit cards, or debit cards.

The goal to get a place in the crypto sphere has been on for Mastercard for some time now. It is, therefore, strengthening its involvement with firms by expanding consulting services associated with Open Data, Open Banking, Crypto and Digital Currencies, and Environment, Social and Governance (ESG).

Assistance rendered to banks and other financial giants will include helping to build loyalty programs that make use of crypto. Strategies encouraging easy integration of digital assets and non-fungible tokens will also be developed. 

Notwithstanding, Mastercard wants to harness its collaboration with digitally native firms to create an entrance for startups and businesses that wishes to offer crypto solutions and help businesses enter unchartered markets.

The Data and Service chief, Raj Seshadri said that the company will continue to keep clients up to date with happenings in the financial world and assist them in scaling through the hurdles that come with the economy.

Last year, In December, Executive Vice President of Mastercard’s market development Liza Oakes, said that apart from the Central Bank Digital Currency (CBDC), the firm is also considering how to introduce stablecoins and support their developments.

MasterCard Inc’s Solutions Grow from Crypto to NFTs

Oakes also acknowledged that there have been Intellectual Property breaches on NFTs, one of which involved Nike. The sneaker giant has sued StockX over an infringement in its trademark. The sneakers reseller, StockX published unauthorized pictures of Nike sneakers as non-fungible tokens.

MasterCard plans to develop a solution to these breaches. In January, Mastercard partnered with Coinbase to permit non-crypto users to purchase non-fungible tokens (NFTs) using their credit cards. These users would not need to sign up for a wallet or buy Ethereum (ETH). This would make maneuvering through the NFT market easier for the users, especially cryptocurrency beginners.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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