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Mastercard Emphasizes the Need for Security and Trust in Crypto and Blockchain

mastercard emphasizes the need for security and trust in crypto and blockchain 2

Global payments giant Mastercard recognizes the potential of cryptocurrencies and blockchain technology as valuable tools for the financial industry . Raj Dhamodharan, Executive Vice President of Mastercard and Head of Crypto and Blockchain spoke at North America Innovation Day and highlighted the growing popularity of these technologies worldwide .

Security and Usability Challenges Limit Adoption

While acknowledging the potential Dhamodharan pointed out that the lack of security and complex user interactions pose significant challenges and limit the use cases for crypto and blockchain technologies . He emphasized that establishing trust in the ecosystem is crucial for realizing their full potential .

mastercard emphasizes the need for security and trust in crypto and blockchain 2

Trust-Based Interoperability and Security are Key

Johan Gerber, Executive Vice President of Security and Cyber ​​Innovation at Mastercard echoed the importance of trust-based interoperability and underlying security for the widespread adoption of crypto and blockchain . Gerber emphasized that addressing these prerequisites would facilitate the entry and participation of various companies whether traditional or new in the Web3 industry .

Mastercard’s Commitment to Innovation and Collaboration

Mastercard aims to provide a technology foundation that enables innovation and collaboration among a wide range of participants from small startups to large financial institutions . The company has been actively involved in the crypto and blockchain industry, launching initiatives and developing solutions to address security concerns and promote adoption .

Launch of Crypto Secure and Future Vision

Mastercard has launched Crypto Secure software to identify and prevent transactions from fraudulent crypto exchanges demonstrating its commitment to security in the crypto space . Additionally the company envisions a future where cryptocurrencies can be spent seamlessly similar to contactless card payments but acknowledges the need for advancements in crypto cards, service providers and crypto-to-fiat payment conversion .

Driving Innovation with Start Path Crypto and NFT Trading

Mastercard has launched Start Path Crypto a global engagement program supporting blockchain, crypto and digital asset startups to foster innovation and collaboration within the industry . The company has also enabled non-fungible token (NFT) trading on various platforms showcasing its commitment to exploring emerging technologies and facilitating their integration into the financial ecosystem .

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