We’ve known MasterCard was taking the cryptocurrency business very seriously for some time. And the company’s CEO, Michael Miebach, just confirmed the payment service’s outsized ambitions.
MasterCard plans to expand its cryptocurrency services
MasterCard’s CEO spoke out about cryptocurrencies and blockchain in a LinkedIn post. He believes that the potential of blockchain can be “unlocked” if it becomes easier to access and use. This, he says, is through everyday purchases, which would be facilitated by his company.
“We are working with Binance to enable people to use their cryptos to make purchases at the 90 million-plus businesses that accept Mastercard.”
The two giants had in fact recently partnered to offer the Binance Card in Argentina. The idea is to eventually extend these services worldwide. All merchants in the MasterCard network could then indirectly accept cryptocurrencies from their customers, being paid in fiat.
The company is definitely taking the blockchain turn
Michael Miebach believes that the blockchain industry will be well established within five years. This is a position he already adopted last spring. When asked if the SWIFT interbank service would still exist in five years, he simply answered “no”.
Still, such a clear positioning of MasterCard in favor of cryptocurrency and blockchain is of course a very strong confidence signal. As the “crypto winter” continues, we see that enthusiasm for the underlying technology has not particularly waned.