In a Wednesday note, MoffettNathanson, a New York-based research firm, stated that the payment giants Visa, Mastercard, and PayPal do not see the growth of the crypto industry a threat and will continue to invest in the crypto ecosystem.
- This note highlights the increasing acceptance of cryptocurrency among older payment service companies and their efforts to adapt to changing environments. These three companies spoke at MoffettNathanson’s crypto- and blockchain event earlier in the month.
- Visa believes crypto’s importance extends beyond payments. It sees itself as Layer 2 solution that can work on top of the blockchain network, just like it does with fiat-based networks. According to Terry Angelos, SVP at Visa and global fintech head, Visa expects strong volume growth in the next one-to two years thanks to partnerships with crypto wallets.
Also Read: How Banks Are Attempting To Enter The Growing Crypto Market
- Mastercard is gaining cross-border crypto on-ramp and off-ramp flow flows at crypto wallets and exchanges. Raj Dhamodharan EVP of Blockchain and Digital Asset Products stated that Mastercard sees crypto as a way to create new products. It also plans to be an NFT on-ramp and add cryptocurrency to its multi-rail network to allow settlement in native currencies.
- PayPal continues to invest in education-related projects in the hope of reaching a wider audience. Edwin Aoki (the company’s tech fellow, CTO of crypto, blockchain and digital currencies) said that the company is working to open its platform for interaction with DeFi networks and allow users to safely transfer crypto into and out of its digital vault.
