Mastercard executive Harold Bossé remains optimistic about the mass adoption of cryptocurrencies.
- Bossé says mass adoption is key to institutional entry.
- For the executive, crypto adoption will come “sooner rather than later”.
- Bossé compared crypto to the early days of the internet.
The vice president of new product development and innovation at MasterCard, Harold Bossé, is optimistic about the crypto world, despite the current crisis. He believes that the mass adoption of cryptoassets and the technology Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. will occur “sooner rather than later”.
In a webinar series Powering Business with Blockchain de Avalanche Yesterday, Bossé pointed out that there are already millions of people consuming and sending cryptoassets around the world. These were his words:
“They are early adopters and new adopters, but we have shifted towards mass markets. That will be a very important aspect for financial institutions to enter the space. ”.
That is, more widespread adoption will give more confidence to major institutions to engage with the crypto ecosystem.
Challenges to overcome
Bossé noted that there were a number of challenges to overcome before cryptocurrencies became mainstream. He indicated, among them, a lack of senior management understanding, business logic around scalability, cost and speed, and regulatory concerns.
“No one will use digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets on blockchain unless they are absolutely sure that this money is good” Mr Bossé.
Also, the executive compared the current state of the crypto industry to the early days of the internet. “ Think about the advent of the Internet; no one was thinking Amazon could be a concept, you need the Internet for Amazon to work.” he said before adding:
“We’re in the same situation: how do we transform people’s lives and get into the demographic or groups of people who don’t really think about Blockchain first but think about their business problems?”
The comments come as cryptocurrencies continue to decline in what appears to be the beginning of a prolonged bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market. Several factors, in particular, the fall of the algorithmic stable currency currency is a medium of exchange that defines value. TerraUSD (UST) and the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. LUNA and concerns around regulation of the industry, have caused the price of crypto to fall. For Bosse, all of these factors, and more, hint atuna necesidad más profunda de seguridad en la industria si los jugadores más grandes se van a involucrar.
As for crypto technology, he assured:
“It has to become invisible. I keep saying that and I sound like a broken record, but it has to disappear into the background for users who don’t care; honestly, my mom doesn’t care if it’s [centralized finance] or DeFi.” .
At its core, it is talking about making an ecosystem that is still complex for large masses of people more user-friendly.
The payments company is no stranger to the crypto world. It is worth remembering that MasterCard ya has shown interest in the cryptocurrency sector. with cryptocurrency-backed credit services and the r ecent registration of its trademarks for NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. and Metaverse.
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