Mastercard Ventures Deeper Into Crypto Consulting

Mastercard’s Bold Move into the Crypto Space

In a bid to solidify its presence in the cryptocurrency arena, Mastercard is expanding its consulting services specifically aimed at the evolving financial landscape. Raj Seshadri, the president of Mastercard’s data & services, has made it clear that this initiative is all about empowering clients to tackle the complexities of modern finance while identifying opportunities around the next corner.

The Expanding Team

Mastercard is not skimping on talent here. With over 2,000 employees already in the mix, including engineers, consultants, and data scientists, they plan to bolster their ranks by hiring an additional 500 professionals in 2022. It’s like a crypto version of recruiting for the Avengers—only instead of fighting Thanos, they’re battling financial uncertainty.

Consulting Services: What’s on the Menu?

The consulting service isn’t just a glorified chat service; it’s quite the buffet of offerings. Targeting banks and merchants, Mastercard aims to assist in:

Creating crypto-enabled loyalty programs.
Developing strategies for cryptocurrency and NFT integration.
Collaborating with digitally native firms to provide bespoke crypto solutions.

This strategic approach is all about smoothing the path for businesses stepping into the crypto universe.

Central Banks: The New Frontier

On a more significant scale, Mastercard is pivoting towards aiding central banks in their exploration of Central Bank Digital Currencies (CBDCs). Their testing platform is like a sandbox for central banks, allowing them to conduct research and consultation before launching their digital currencies. It’s a bit like trying out a new recipe—Mastercard provides the kitchen, and central banks can experiment with their ideas before serving them to the public.

Paving the Way for NFTs

In a recent chat with Cointelegraph, Mastercard’s Liza Oakes highlighted the firm’s interest in stablecoins, NFT security challenges, and solutions in development. Also, a game-changer partnership with Coinbase now allows those not well-versed in crypto to make NFT purchases using credit cards without the hassle of setting up wallets. For crypto novices, it’s like entering a secret club without needing the magic password.