Mastercard considers cryptocurrencies more an asset class than a payment method – Bitcoin News Spotlight

Mastercard sees cryptocurrency as an asset class rather than a means of payment, according to the payment giant’s chief financial officer. Mastercard’s crypto strategy “has been quite successful since crypto environments were first born,” he added.

CFO of Mastercard on cryptocurrencies as an asset class versus means of payment

Mastercard chief financial officer (CFO) Sachin Mehra shared his views on the cryptocurrency in an interview published Tuesday by Bloomberg.

He was asked what was the success of Mastercard’s crypto strategy. “In the world of cryptocurrencies, we act as a launch pad, with people using our debit and credit products to buy cryptocurrencies. And we act as an exit ramp: when people want to cash out, we help them access it so they can use their crypto balances wherever Mastercard is accepted, “he explained, specifying:

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It’s a revenue-generating capability that has had some success since the advent of cryptographic environments.

The company previously explained that it intends to develop products and services in three key areas related to cryptocurrencies: cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).

Mehra was also asked how many pull crypto assets can be obtained as a true form of payment. “For anything to be a means of payment in our minds, it must have a store of value,” she replied. “If the value of something fluctuates every day, so that your Starbucks coffee today costs you $ 3 and tomorrow it will cost you $ 9 and the next day it will cost you $ 1, that’s a consumer health point of view. . “

Mastercard CFO added:

So we see cryptocurrencies more as an asset class.

“But as a payment tool, we believe stablecoins and CBDCs potentially have a little more traction,” Mehra concluded.

In February, Mastercard expanded its payment-focused advisory service to include cryptocurrency. The service covers “a range of digital currency capabilities, from early education, risk assessments and bank-level crypto and NFT strategy development, crypto cards and crypto loyalty program design.”

The payment giant filed 15 trademark applications in April for a wide range of metaverse and non-fungible token (NFT) services. In June, the company announced it was bringing its payment network to Web3 and NFT.

What do you think of the words of Mastercard’s Chief Financial Officer? Let us know in the comments section below.

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Kevin Helms

Austrian economics student Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin’s security, open source systems, network effects, and the intersection of economics and cryptography.

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