Coinspeaker Mastercard Crypto Joins Forces with Several Exchanges in EEMEA Region to Enhance Mainstream Adoption of Digital Assets
Mastercard Inc (NYSE: MA), a top-tier tech company focused on payment solutions, has introduced its Mastercard Crypto Credentials to the United Arab Emirates (UAE) and Kazakhstan. The company announced a strategic partnership with several key cryptocurrency exchanges – led by ATAIX Eurasia, Intebix, and CoinMENA – to introduce the solution in Eastern Europe, Middle East, and Africa (EEMEA) market.
Additionally, Mastercard partners with Fuze, a fast-growing digital asset infrastructure provider, to secure blockchain transactions in a regulated manner. Furthermore, the Mastercard Crypto Credentials help to verify users’ transactions under certain set regulatory standards.
“In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets,” said Gaurang Shah, Executive Vice President, Head of Core Payments at EEMEA Mastercard, noted.
Initially, the pilot program by Mastercard Crypto will involve crypto assets but plans are being made to incorporate non-fungible tokens (NFTs). Additionally, the company intends to roll out the solution to wider crypto users through the said exchanges in the coming months.
“By providing clear regulatory frameworks, we aim to build trust and confidence. Collaboration with global partners like Mastercard is key to establishing consistent standards, ensuring the long-term growth and integrity of the sector,” Yagub Zamanov, FinTech Division Director at Astana Financial Services Authority (AFSA), noted.
Market Impact of the Mastercard Crypto Credentials Launch
The launch of the Mastercard Crypto Credentials will have a significant impact on the mainstream adoption of digital assets in global markets. Moreover, the UAE and Kazakhstan will be joining North America, Europe, Latin America, and Asia Pacific where the company has already activated the services.
Additionally, Mastercard will be working with heavily regulated crypto exchanges to roll out the services, which will be crucial to novice blockchain users.
The mainstream adoption of digital assets has been identified as a crucial component of financial freedom, mostly for the unbanked masses around the world. Furthermore, blockchain technology reduces friction by eliminating third-party reliance by tapping on scalable smart contracts.
Meanwhile, Mastercard will attract more users in the long haul and remain competitive amid the ongoing shift of the global financial system via blockchain technology. The $473 billion company will continue to grow in tandem with the cryptocurrency industry, which is expected to overtake Gold’s valuation of over $18 trillion in the coming years.
The entrance of Mastercard into the Web3 sector is a clear indication that most traditional financial companies are keen on adopting digital assets to ensure sustainable growth. Furthermore, nation-states are preparing to adopt Bitcoin and other crypto assets as a hedge against inflation.
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Mastercard Crypto Joins Forces with Several Exchanges in EEMEA Region to Enhance Mainstream Adoption of Digital Assets