During Avalanche’s Powering Business with Blockchain series webinar on Tuesday, the vice president of new product development and innovation at Mastercard, Harold Bosse showed optimism for crypto adoption.
The mass adoption of blockchain technology and digital assets is going to occur sooner rather than later, he commented.
Bosse noted that currently millions of people consume and send digital assets around the world.
“They are early followers and new followers, but we have switched to mass markets, [and] this will be a very important aspect of financial institutions going into space,” he said.
In any case, according to Bosse, a variety of issues are now preventing corporations from entering the market.
“No one will use digital assets on blockchains unless they are absolutely sure that this money is good money,” he added.
Bosse stated that businesses continue to face challenges like a lack of senior management understanding, business rationales for scalability, speed, cost and regulatory issues.
Moreover he went on to explain that, there have been a lot of market factors slowing down the crypto industry, such as the collapse of the stablecoin TerraUSD (UST) and LUNA cryptocurrency as well as regulatory concerns.
As per Bosse, all of these factors show that there is a dire need for security in the industry if bigger players are to intervene.
Bosse believes in the new technology and the firm has the same belief as well. Mastercard has been taking noteworthy steps in order to dominate the new market as well. Just recently, Mastercard filed for 15 trademarks to USPTO which proves that the company is on its way to take a strong position in the market.