Mastercard Exec Predicts 'Legacy Finance' Transition to Blockchain

IconCryptoNewsTerminal Staff16 Aug, 2024

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Mastercard Exec Predicts 'Legacy Finance' Transition to Blockchain

Mastercard's head of crypto and blockchain, Raj Dhamodharan, believes that traditional finance will soon embrace blockchain technology. In an interview with Decrypt, Dhamodharan expressed his conviction that "legacy finance is going to move on-chain very soon—sooner than anybody thinks." He sees payment networks and traditional banks, rather than stablecoin issuers like Circle and Tether, playing a central role in this transition. Dhamodharan remains skeptical of stablecoins, suggesting that they create unnecessary hurdles. Instead, he advocates for a focus on core payment infrastructure and existing financial institutions to facilitate the integration of blockchain technology into legacy finance systems. This move towards blockchain adoption aligns with Mastercard's ongoing efforts in the crypto and digital asset space. The company recently announced a partnership with Bakkt to enable crypto rewards, allowing users to earn and redeem digital assets as part of their loyalty program.

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