Mastercard’s crypto head stresses security, simplicity for blockchain’s full potential

Mastercard strongly believes that cryptography and blockchain technology can bring more value to the financial industry if it can solve the key issues of security and simplicity. tech crunch reportquoting Raj Damodaran, EVP and Head of Cryptocurrency and Blockchain at the company.

Damodaran made the comments during a panel discussion focused on blockchain at Mastercard’s North American Innovation Day on May 23.

“Many Promises”

Damodaran said cryptocurrencies and blockchain technology are gaining more and more attention around the world by the day. However, its lack of comprehensive security and complexity of user interaction limit its use cases at this time.

He said:

“Instilling trust in the blockchain ecosystem is an important step in realizing its full potential.”

According to Damodaran, once these issues are resolved, brands and businesses will feel more confident about tackling the Web3 industry.

While most people see cryptocurrencies as an investment opportunity, he said, “the technology itself has a lot of potential beyond just being a great way to move and store capital. ,” he added.

Johan Berger, vice president of security and cyber innovation at Mastercard, said in a panel discussion:

“Interoperability and underlying security of trust are what we need to scale this technology globally.”

Mastercard is making steady progress in its cryptocurrency efforts

Mastercard was one of the first traditional financial institutions to start getting involved in the cryptocurrency industry.

Over the years, the company has steadily expanded its repertoire of cryptocurrency services by partnering with various industry players such as Binance, Gemini, and Paxos. Many exchanges offer debit and credit cards with Mastercard.

The company is also heavily involved in helping governments understand central bank digital currencies and their underlying payment infrastructure.

Damodaran joined Mastercard in 2010 and became head of the cryptocurrency division in 2019. He has spearheaded the firm’s cryptocurrency initiatives in recent years and sees the industry as an opportunity rather than a threat to its dominance in payments.

he said in an article interview For the 2022 protocol:

“We don’t think so [as a threat] at all. It goes back to the maturation cycle of different technologies in cryptocurrencies. The most potentially mature one is cryptocurrency as an investment asset class. “

Damodaran also said at the time that Mastercard entered cryptocurrency because its customer base was interested in buying bitcoin and other cryptocurrencies. He added that Mastercard’s purpose is to provide a secure way for users to experience cryptocurrencies.

Postmastercard’s head of crypto emphasizes security, and simplicity to unlock the full potential of blockchain first appeared in CryptoSlate.