Mastercard said it moved across the crypto experiment, dedicated to ‘real solution’
Traditional financial companies that adopt the crypto are passing through the experimental stage and actively working on real-world solutions, the leader of the Mastercard of Crypto and Blockchain, Raj Dhamodharan, told CoinDesk.
“Many of us in the industry move beyond the experiment; these are real solutions,” he said, noting that Mastercard enabled Stablecoin payments for financial institutions. Those institutions can choose to solve transactions using stablecoins, which reflect a broader crypto adoption.
Last week, the giant payment announced a collaboration with the Crypto Compliance Firm Notabene, which would include MasterCard’s Crypto credentials on the SafetransaCtAct platform to make digital asset transactions safer and easier to use.
The crypto credentials system continues to focus on Mastercard’s efforts to make crypto more mainstream. This allows users to send funds using familiar identities such as email addresses rather than complex wallet addresses while ensuring compliance with regulatory standards. The system also helps avoid incorrect transactions by verifying whether a recipient’s purse may receive a specific property.
“The stop (crypto) from going to the mainstream is really the buyers have to find each other with what they already know,” Dhamodharan said.
Mastercard’s goal, according to Dhamodharan, is to be a connector between traditional financial and blockchain networks, ensuring regulatory compliance while activating new business models. The company plans to announce additional partnerships and use cases in 2025, strengthening its commitment to the integration of crypto in global payment.
“As an industry as a whole, we need to be open to crypto (crypto) as wide as possible,” he said.
Previously, giant payments worked with some crypto-native companies, including Binance. The two separated ways in August 2023 after Binance confronts a series of legal issues with US Mastercard users who again allowed users to buy crypto to exchange again a year later.
“Binance is a good partner with us,” Dhamodharan said. “We’re constantly working with them in many new ways in which we can help them on-ramp and off-ramp. That’s the constant conversation.”
Taking crypto to ‘next level’
Dhamodharan is also optimistic in the future of tokenization, which he said will require new business models to feed the growing demand for tokenization real-world assets of companies such as Blackrock and Franklin Templeton.
“If there is more clarity over time in terms of how deposits can be represented in some form in the public chain, from a regulation perspective, I think it can go to the next level in terms of how it is It can be measured, “he said.
In 2025, Mastercard’s focus depends on the on-ramp/off-ramp between the crypto and the banking world, while doing that process as well and safe as possible as well as expanding features and Crypto credentials product functionality. The third focus is the Stablecoins, the company said.
“We think the future will be a world of the same deposits because of the money, and that’s where people and businesses are holding money and stablecoins, which can move to the chain easily and easily properly.”
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