Mastercard has announced that it will be expanding its support for cryptocurrencies and will begin directly processing transactions made with select digital currencies on its network.
The CEO kicked off the week with some big words: “In 2023, we’ll be laser-focused on using crypto tech to create practical products, build trust, and solve problems for people.”
This marks a significant shift in Mastercard’s stance on cryptocurrencies, as the company has previously only allowed the use of crypto on its network through third-party payment processors.
The move is part of Mastercard’s wider efforts to stay competitive in the rapidly evolving world of digital payments. In addition to expanding its support for cryptocurrencies, the company is also working on developing its own proprietary blockchain technology to improve the speed and security of its payment network.
The news has been well received by the crypto community, with many seeing it as a validation of the mainstream adoption of digital currencies.
It remains to be seen how Mastercard’s foray into the world of crypto will play out, but the company’s commitment to the space is clear. As more people and businesses turn to digital currencies as a means of payment, Mastercard’s decision to fully embrace crypto could prove to be a wise one in the long run.
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