Mastercard now offers consultancy to banks interested in cryptocurrencies and NFTs.
Financial giant Mastercard started offering consulting services to banks and merchants interested in trading cryptocurrencies and nonfungible tokens (NFT). It also extends its area of action to central banks with interest in digital currencies. The company said its advisory offering ranges from initial education, risk assessments, and development of cryptocurrency and NFT strategies across the bank, including cryptocurrency card-related, to the design of crypto-asset loyalty programs.
"Mastercard has selected partnerships with digital native firms that offer the best solutions in cryptocurrencies and has helped Fintechs expand into new markets, working through marketing strategies and marketing planning," they explain in a document published this February 15.
Concerning digital currencies, also known as CBDC, Mastercard commented that they want to help central banks explore how to issue this type of currency. To this end, the company is making its test blockchain platform available. According to the U.S.-based company, the testing will allow central banks to investigate various scenarios before implementation and leverage their expertise in payment systems, policies and regulations. This evolution of consulting acknowledges the changing world and our changing business. It's about helping clients navigate today's challenges and anticipate what's next.
Mastercard reported that its services and data practice is comprised of more than 2,000 data scientists, engineers, and consultants serving clients in 70 countries around the world.
Mastercard seeks to consolidate its position in the cryptocurrency industry.
By now moving into the consulting arena, the financial services company appears to have seen the light for its stability in the cryptocurrency and NFT ecosystem. A product of its intention to expand into that world, it partnered with bitcoin (BTC) exchange Coinbase to make it simpler to buy nonfungible tokens in the collectibles marketplace being prepared by the U.S. exchange.
The idea is that people will buy digital pieces using Mastercard cards on the marketplace for NFT, as reported by CryptoNews.
Last December, another example was the alliance sealed between Mastercard and software firm ConsenSys. The partnership intends to launch ConsenSys Rollups, a modular solution that would provide "scalability and privacy capabilities" to authorized applications connected to any Ethereum virtual machine (EVM)-compatible system.
ConsenSys worked with Mastercard engineers on this development. With its launch, it seems that both are determined to encourage enterprises to adopt blockchain, as these rollups are intended for enterprise solutions.