Mastercard has revealed that it is growing its consultancy business with crypto-focused practices, indicating that the company is committed to pursuing a position in the crypto industry.
Mastercard’s Data & Services President Raj Seshadri says in the statement that the financial institution would continue to assist clients in navigating the ever-changing world of finance, assisting them in identifying difficulties and anticipating what’s next.
“For the past two decades, we’ve worked with customers in banking, fintech, retail, travel. As well as other industries, assisting them in understanding and navigating every difficulty and opportunity that has come their way.”
The firm’s consulting services are aimed at banks and merchants who are looking for help with cryptocurrency adoption. This includes assisting in the development of crypto-enabled loyalty programmes and establishing crypto and NFT integration strategies. In addition, Mastercard will use its ties with “digitally native organisations” to provide crypto solutions. And assist businesses in entering new markets.
Furthermore, the international financial organisation is concentrating on aiding central banks. As they investigate the formation of central bank digital currencies (CBDCs). Before establishing their CBDCs, central banks can use Mastercard’s testing platform to conduct research, testing. As well as and consulting with experts in payment systems, regulation, and governance.
There are security issues in the world of NFTs
By the end of December 2021, Apart from CBDCs, the firm is looking into “stablecoins and how to assist their development,” according to Liza Oakes, executive vice president of market development. Oakes also acknowledged that there are security issues in the world of NFTs. And stated that the organisation is working on solutions.
Mastercard and Coinbase teamed last month to allow non-crypto customers to buy NFTs with their credit cards. Instead of setting up a wallet and purchasing Ethereum (ETH). For crypto newbies who wish to use their money, acquiring NFTs on the Coinbase NFT marketplace has never been easier.