Mastercard Crypto Partner Program - is the crypto future approaching?

[DrBeer]

Brief news - "Mastercard has launched a new Crypto Partner Program, bringing together more than 85 companies from the digital asset and payments sectors, with the aim of more closely integrating blockchain technologies with the infrastructure that enables global trade.
The program includes cryptocurrency exchanges, blockchain developers, fintech companies, and banks such as Binance, Circle, Ripple, Gemini, PayPal, and Paxos, CoinDesk said in a statement.
Participants will collaborate with Mastercard to explore how blockchain systems can interact with traditional payment channels used by banks, merchants, and consumers around the world.

If one of the giants of the fiat world has begun actively working with the two largest crypto projects, can we say that we are witnessing the beginning of the real crypto era, with powerful integration and penetration of cryptocurrencies into the fiat world? What is your opinion?

[Joy_learns_crypto]

Brief news - "Mastercard has launched a new Crypto Partner Program, bringing together more than 85 companies from the digital asset and payments sectors, with the aim of more closely integrating blockchain technologies with the infrastructure that enables global trade.
The program includes cryptocurrency exchanges, blockchain developers, fintech companies, and banks such as Binance, Circle, Ripple, Gemini, PayPal, and Paxos, CoinDesk said in a statement.
Participants will collaborate with Mastercard to explore how blockchain systems can interact with traditional payment channels used by banks, merchants, and consumers around the world.

If one of the giants of the fiat world has begun actively working with the two largest crypto projects, can we say that we are witnessing the beginning of the real crypto era, with powerful integration and penetration of cryptocurrencies into the fiat world? What is your opinion?

It sounds good that the fiat giants and interested but my fear is let this not be the era where cryptocurrency privacy is completely lost.
It is difficult with all this companies involved and decentralization will not be lost, exploration of blockchain will be good for Giants like Mastercard to increase their streams of revenue but if any era of cryptocurrency is beginning it needs to maintain privacy for users.

[NeuroticFish]

If one of the giants of the fiat world has begun actively working with the two largest crypto projects, can we say that we are witnessing the beginning of the real crypto era, with powerful integration and penetration of cryptocurrencies into the fiat world? What is your opinion?

Well, Visa is pushing integration with certain stablecoins, isn't it?
I think that Mastercard is probably doing something similar, just called it different.

Is it good? It somehow is, but it's... less than ideal.

The good point is that it helps adoption and maybe gives even more legitimacy to this industry.
The bad points are.. that they said crypto, not Bitcoin, and adoption of some random stablecoin is not useful. And yeah, Satoshi's point was to cut the middle man. We seem to miss that.

Overall this is imho a rather desperate move (from both Visa and Mastercard) to try not lose too much influence and customers, especially as EU seems to be on the route of coming with alternatives to these US-based over-expensive giants (even if that alternative is oh so far from great - a CBDC).

[DrBeer]

If one of the giants of the fiat world has begun actively working with the two largest crypto projects, can we say that we are witnessing the beginning of the real crypto era, with powerful integration and penetration of cryptocurrencies into the fiat world? What is your opinion?

Well, Visa is pushing integration with certain stablecoins, isn't it?
I think that Mastercard is probably doing something similar, just called it different.

Is it good? It somehow is, but it's... less than ideal.

The good point is that it helps adoption and maybe gives even more legitimacy to this industry.
The bad points are.. that they said crypto, not Bitcoin, and adoption of some random stablecoin is not useful. And yeah, Satoshi's point was to cut the middle man. We seem to miss that.

Overall this is imho a rather desperate move (from both Visa and Mastercard) to try not lose too much influence and customers, especially as EU seems to be on the route of coming with alternatives to these US-based over-expensive giants (even if that alternative is oh so far from great - a CBDC).

“Technological flirting with cryptocurrencies” is an expected question. As far as I'm concerned, the fiat world understands that blockchain technology and the popularity of cryptocurrencies are VERY PROMISING. Of course, it is possible to defeat such a competitor, but not 100% and at enormous cost.
Therefore, the principle begins to work: if you can't beat them, join them! Or at least, “embrace them in a friendly hug.”

But what makes me happy is that such a move by the “fiat pillars of the global financial system” is a sign that the fiat world has entered a stage of acceptance, having passed through a stage of denial

[WillyAp]

Stablecoins are crypto?
When reading the respective whitepapers of the decentralized coins, they don't fit at all.

Stablecoins going into a similar direction as Digital Fiat.
Sounds like another glory moment and later regret like the big corps joining Bitcoin and now crying about fluctuations.

[rat03gopoh]

The bad points are.. that they said crypto, not Bitcoin, and adoption of some random stablecoin is not useful. And yeah, Satoshi's point was to cut the middle man. We seem to miss that.

That's still a good point. If I understand correctly, Mastercard seems to dislike volatile and unregulated assets inherently running on its payment rails.
After all, the interest of a giant like Mastercard would mean greater censorship. What Satoshi really wanted was visible Bitcoin adoption on-chain, not just millions of transactions in the company's internal database.

[Alpha Marine]

It was only a matter of time before the traditional systems found a way to integrate crypto fully into their systems. It might not even happen now, but little by little, they will find a way to be innovative. Companies, especially financial and tech companies are in an ever dynamic industry so they always try to adapt or be left behind.

It sounds good that the fiat giants and interested but my fear is let this not be the era where cryptocurrency privacy is completely lost.

You can't expect decentralisation or non-KYC from the companies mentioned. Their core business is based on KYC, so even if they integrate crypto into their business, they will still do as all centralised businesses do. It will be the same form of business they do with fiat, but just replace the fiat with crypto.