Mastercard Is Preparing For The Future Of Crypto
Mastercard said on Wednesday it was planning to offer support for some cryptocurrencies on its network this year, joining a string of big-ticket firms that have pledged similar support.
“This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance,” a blog post penned by Mastercard’s digital asset and blockchain VP Raj Dhamodharan says.
“Whatever your opinions on cryptocurrencies — from a dyed-in-wool fanatic to utter sceptic — the fact remains that these digital assets are becoming a more important part of the payments world.”
The credit-card giant’s announcement comes days after Elon Musk’s Tesla Inc revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment.
Asset manager BlackRock Inc and payments companies Square and PayPal have also recently backed cryptocurrencies.