Raj Dhamodharan – Mastercard’s Global Head of crypto and blockchain – believes that digital currencies pose no threat “at all.” Moreover, he classified them as “probably the most mature investment asset.”
Crypto: a Package of Multiple Technologies
The payment services giant Mastercard is among the companies seeking to dive deeper into the digital asset universe. Throughout the past several months, the firm has launched numerous initiatives to promote the industry and introduce crypto-related opportunities to its customers. Last October, it permitted all banks on its network to provide bitcoin services.
The man spearheading Mastercard’s crypto efforts is Raj Dhamodharan. In a recent interview, he doubled down on his company’s bullish stance, saying digital assets should not be considered a threat. Investors’ protection is highly important, and Mastercard is “always looking for providing choice in a safe and simple manner,” he assured.
Dhamodharan went further, arguing that cryptocurrencies’ nature is unique as it is a “package of multiple technologies.” From an investor’s point of view, it is “probably the most mature” investment asset, he opined.
Touching upon bitcoin, the executive claimed that it is not just a currency but much more:
“Bitcoin is not just about the currency. It’s also about the chain. It’s also about the cryptology behind it and the decentralization and all that.”
Dhamodharan also spoke highly of non-fungible tokens, describing them as a “great invention.” He ranked them as the “next mature investment asset class” after cryptocurrencies:
“The next thing to come out after these asset classes in the space is NFT. NFT is a great invention, and it is being applied to art at the moment. For creators, it opens up opportunities for them to sell their creations in unprecedented ways.”
Mastercard’s Crypto Endeavors in 2022
In January, the payment services provider collaborated with Coinbase to promote the NFT sector. The exchange raised hopes that the partnership will unlock new ways for users to purchase digital collectibles using their Mastercard cards:
“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network.”
Earlier this month, the fintech corporation teamed up with Nexo to introduce the first cryptocurrency card in Europe that enables clients to spend without selling their holdings.