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How Mastercard is building the Venmo of crypto
- Mastercard is focusing on building out its blockchain and crypto capabilities for both consumers and financial firms, taking advantage of recent regulatory shifts and increased interest from Wall Street in the space.
- The company aims to create a blockchain-based payments network to facilitate transactions of digital assets among consumers, merchants, and financial institutions, similar to its existing card network.
- Mastercard's executive VP of blockchain and digital assets, Raj Dhamodharan, highlighted the importance of a compliant framework and consumer experience for the successful integration of blockchain into mainstream finance.
- The company is working towards providing a Venmo-like experience for moving money and assets via blockchain, with a focus on financial institution adoption to enhance network value.
- Mastercard's strategy encompasses enabling its vast cardholder base to transact between fiat and crypto worlds, while also targeting traditional financial institutions for blockchain-based transaction processing.
- Mastercard has introduced over 100 crypto-focused card programs globally and is exploring opportunities in trade finance, cross-border payments, and tokenizing real-world assets for Wall Street firms.
- The company has heavily invested in blockchain and digital asset technology, filing numerous patents and supporting blockchain startups to stay at the forefront of innovation in the space.
- Mastercard's multi-token network, launched in 2023, aims to enhance transaction speed and efficiency for financial institutions, with collaborations with JPMorgan, Standard Chartered, and fintechs like Ondo Finance.
- A shift towards regulatory clarity and increasing institutional interest in crypto is driving Mastercard's efforts to expand its presence in the blockchain industry and capitalize on the evolving landscape.
- The overall aim is to bridge the gap between traditional finance and decentralized finance, offering seamless digital asset transactions for a wide range of users and institutions within a compliant and user-friendly framework.
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