Mastercard CEO: we must be present in the cryptocurrency space

July 30, 2021

Mastercard cryptocurrency space

Mastercard intends to remain at the heart of new developments in digital assets, including CBDC and stabelcoins. The payment giant's CEO Michael Maybach said this, according to American Banker.

During a second-quarter financial results teleconference, the CEO outlined its policy in light of recent developments in the cryptocurrency and CBDC industry.

"We believe we are opening up the market to the prospect of being a multi-platform (multi-rail) payments provider. We need to be in this space because people are looking for answers," he said.

Maibach recalled the company's virtual sandbox for CBDC testing. The project allows central banks to simulate the issuance, distribution and execution of digital currency transactions between multiple parties.

"All these countries have to find a trade-off between existing financial products and what CBDC solves, be it financial inclusion or cross-border payments. We have experience in all this," said Mastercard's CEO.

He added that the payment network is preparing to work with stabelcoins. A prerequisite for their support, Maybach called asset issuers' compliance with regulatory, consumer protection and security standards.

Also the head of Mastercard mentioned that the company for the first time included seven projects from blockchain and cryptocurrencies in its accelerator program for startups.

Recall that in February, Mastercard announced plans to introduce direct support for digital assets as early as this year. At the same time, the company's executive chairman Ann Cairns called bitcoin unsuitable for payments.

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Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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