Contrary to the current downturn in the cryptocurrency market, Harold Bossé, vice president and new product development and innovation at MasterCard, is optimistic about the prospects for the industry. He said that the mass adoption of digital assets and blockchain technology is imminent under certain conditions.

Millions of people already use digital assets

Bossé expressed these thoughts in a live webinar, Powering Business with Blockchain, hosted by Avalanche on May 24. Two other participants in the online event were Pavel Matveev, CEO and co-founder of Wirex, and John Nahas, Senior Vice President of Business. Development, Ava Labs.

Millions of people are already consuming digital assets and sending them around the world, the Mastercard executive said.

“They are the early adopters and the new ones, but we have shifted towards the mass markets, [and] that will be a very important aspect for financial institutions to enter the space,” he said.

Challenges and need for security

However, some challenges are preventing crypto assets from becoming mainstream and corporations and big players from entering the market, the MasterCard executive explained. These can be a lack of understanding among senior management, the business logic around scalability, cost and speed, and regulatory concerns.

“No one will use digital assets on blockchains unless they are absolutely certain that this money is good money,” Bossé said.

The current streak of a market downturn that has seen LUNA and UST collapse points to the need for safety; you need to become invisible and recede into the background. Users don’t care if it’s centralized or Defi, he explained.

Startups need to think outside the box

An important criteria for startups will be to use emerging technologies to work on ideas that don’t exist today and build a business around them.

“Think of the advent of the Internet; no one thought that Amazon could even be a concept: you need the internet to make Amazon work… We are in the same situation: how do we transform people’s lives and get into demographics or groups of people that don’t really think about blockchain first? , but think about your business problems,” he asked.

How the crypto industry can get businesses to think about and use these emerging technologies to solve their problems and charge for their services is another very important area for startups. It’s about promising beyond normal business expectations and building a community that some may find an awkward zone in.

Mastercard has been growing its crypto payment infrastructure to present such opportunities to its customers. Last October, the payment services giant announced that it would allow banks in its network to provide bitcoin services. And in April 2022, Raj Dhamodharan, Global Head of Crypto and Blockchain at Mastercard, stated that digital assets are “probably the most mature investment instrument.”

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This post Crypto Mass Adoption Is Imminent, But Challenges Need To Be Addressed: MasterCard VP Crypto Mass Adoption Is Imminent, But Challenges Need To Be Addressed: MasterCard VP

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