Payment giant Mastercard has announced its new venture in the Cryptocurrency space!

As the Crypto currency sector gains momentum in the political and regulatory arena, Mastercard is increasing its efforts to integrate blockchain technology into the payment ecosystem.

The global payment giant is trying to create a seamless network for digital asset transactions.

Raj Dhamodharan, Mastercard's vice president responsible for blockchain and digital assets, stated, "We are bringing the scale and reach we have to the space to allow money to flow simply between two worlds." He mentioned the need for a user-friendly and compliant framework similar to mainstream peer-to-peer payment services like Venmo and Zelle in the United States.

A critical aspect of Mastercard's initiative is the adoption of the Multi-Token Network, which aims to integrate financial institutions into a blockchain-based ecosystem. The company has partnered with major banking institutions such as JPMorgan and Standard Chartered to explore applications such as cross-border payments and the tokenization of deposits and carbon credits.

Dhamodharan added, "Some companies in the traditional finance world are interested in entering this field due to the benefits offered by technology and the new business models it can create."

Mastercard's goals extend to a broad consumer base that includes 3.5 billion cardholders worldwide. The company has launched over 100 crypto-focused card programs, including credit, prepaid, and rewards cards that offer cryptocurrency incentives instead of traditional cashback options.