7 crypto giants joined the popular fiat payment processor MasterCard to give a better boost to the technical advancement in the CBDC development.
Mastercard Inc is the second-largest payment-processing corporation worldwide. This payment firm provides a big range of payment transaction processing and other related payments via its cards (credit, debit, & prepaid cards). Since 2006, this company has been a publicly traded company & trades under the index MA. This payment processor company has also been engaged in the crypto sector since the beginning of 2021, following the crypto bull run.
On 17 Aug 2023, MasterCard announced its partnership program and confirmed that the company now has partnerships with 7 other crypto & blockchain companies.
These crypto companies are Ripple, ConsenSys, Fluency, IDEMIA, FireBlocks, Giesecke+Devrient, and Consult Hyperion.
The main focus of this partnership is to bring high levels of innovation, security, privacy, and interoperability in the Central Bank Digital Currency (CBDCs) so that all sectors can adopt CBDC easily.
Raj Dhamodharan, the head of the digital assets at the MasterCard firm, said that MasterCard is looking toward the digitally driven future to bring essential values in the CBDC form of money so that people can easily use the other forms of money with CBDC.
It is worth it to note that Ripple, a San Francisco headquartered blockchain firm, is already a giant in the sector of blockchain technology powered payment services. In the present time, more than 20 Central Banks are in partnership with Ripple to get guidance & assistance over the development of digital currency, or say CBDC.
On the other hand, ConsenSys is a very big giant in the crypto sector. With a better & talented team, ConsenSys provides secured crypto & blockchain tools. In the crypto sector, ConsenSys is known for its popular crypto wallet Metmask, which allows people to trade different crypto assets easily under a decentralised ecosystem.
Read also: SEC plans to approve Ethereum Futures ETFs