Mastercard VP Draws Parallels Between Mass Crypto Adoption And Evolution Of Internet For Amazon To Work

  • Mass adoption of blockchain technology and digital assets will happen sooner rather than later, as per Mastercard Inc MA VP Harold Bossé, the TechCrunch reports.
  • "Think about the advent of the internet; no one was thinking that Amazon.com Inc AMZN could even be a concept — you need the internet for Amazon to work," he said. "We're in the same situation: How do we transform the lives of people and go into demographics or groups of people who don't really think about blockchain first but think about their business problems?"
  • Millions of individuals consumed and sent digital assets worldwide, Bossé noted. They were early and new adopters, but Mastercard switched toward mass markets, which will be vital for financial institutions to move into the space.
  • However, lack of senior management understanding, commercial rationale surrounding scalability, cost and speed, and regulatory concerns were headwinds.
  • No one will use digital assets on blockchains unless they're confident this money is good, Bossé said.
  • Recently, multiple market factors dragged the crypto industry down, including the downfall of defunct algorithmic stablecoin TerraUSD and cryptocurrency LUNA and concerns surrounding the sector's regulation.
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