Global payments company Mastercard has long been demonstrating its intention to engage in the cryptocurrency industry by forming strategic partnerships with crypto companies. Despite the volatility in crypto markets, Mastercard remains of the view that the industry has serious long-term potential.
Harold Bosse, Vice President of New Product Development and Innovation of the payments giant, attended an online seminar organized by Avalanche and said that cryptocurrencies and Blockchain technology could be integrated into the mainstream sooner than expected. Besides, Bosse came up with a different view for mainstream adoption.
Harold Bosse, like many people, said that he likened the crypto money and blockchain industry to the early days of the internet, and claimed that cryptocurrencies should not be considered in order to reach the mainstream.
Detailing this view, Bosse said that cryptocurrencies should be an invisible part of the functioning of the financial system, while arguing that the industry should get rid of complexity and offer more efficient uses with a simple structure.
On the other hand, Bosse sees the lack of knowledge of the top management of companies about cryptocurrencies as a major obstacle to the mainstream adoption of cryptocurrencies. The executive sees barriers to companies' adoption of DeFi technology as blockchain costs, speed and regulatory issues.
In recent years, Mastercard has been competing with its biggest competitor, Visa, in crypto startups. During this time, payment companies that received patents on crypto services came to the fore with their purchases of crypto money rewards, crypto-backed credit cards and some crypto startups.
Most recently, Mastercard has made a strategic partnership with Gemini and crypto lender Nexo to launch crypto credit cards. Earlier this year, the company made an agreement with Coinbase, the largest US cryptocurrency exchange. Within the scope of this agreement, an agreement was signed with Coinbase on the use of Mastercard supported debit and credit cards in the NFT marketplace that it will commission.