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Mastercard, PayPal, and Robinhood: Mainstream Institutions Bet on Crypto
In the wake of the crypto market downturn, trusted providers with existing mainstream audiences are rolling out new products and services to make the space more accessible. Mastercard, PayPal, and Robinhood are among the well-known financial institutions that are betting they can help fill the gap and foster user adoption of cryptocurrencies.
The Crypto Ecosystem in Transition
According to Raj Dhamodharan, EVP of blockchain and digital currencies at Mastercard, the crypto ecosystem is in a “transitionary period.” The industry is trying to figure out the technology and what else can be extracted from it. “A lot of energy is going to figuring out the next use cases,” he said. Despite the current market downturn, Dhamodharan believes that the crypto ecosystem is at the cusp of mainstream adoption.
Jose Fernandez da Ponte, SVP and GM of blockchain, crypto and digital currencies at PayPal, shares this sentiment. “Despite the market, we continue to be at the cusp of mainstream adoption,” Ponte told TechCrunch+. “We got into this technology because we believe it contributes to the idea of a faster, more inclusive financial services environment.”
