As the crypto market faces a downturn, more incoming money and users could help it weather the storm. However, the perceived complexity and lack of accessibility to buy into and interact with blockchains can be a significant challenge for the layperson. In an attempt to address this issue, trusted providers with existing mainstream audiences are betting they can help fill that gap.
In recent weeks, a number of brand-name mainstream financial institutions, including Mastercard, PayPal, and Robinhood, have been rolling out new crypto products and services to make the space more accessible. At the Consensus 2023 conference, these companies talked about the measures they are taking to foster user adoption and increase capital inflow.
“We got into this technology because we believe it contributes to the idea of a faster, more inclusive financial services environment,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto, and digital currencies at PayPal. “Despite the market, we continue to be at the cusp of mainstream adoption.”
Raj Dhamodharan, EVP of blockchain and digital currencies at Mastercard, added that the crypto ecosystem is in a “transitionary period” where the industry is figuring out the technology and exploring its potential use cases. “We think public blockchains can be a utility to store and move value over time… and you have to show that you can do it in a regulatory compliant way,” he said.
Household financial names opening their doors to the ecosystem could prove to be the catalyst that pushes crypto from a niche to something more. Mastercard, for instance, recently launched “Crypto Credential,” a set of standards and infrastructure that aims to help certify interactions between consumers and businesses using blockchain networks.
Financial giants are banking on their reputation and user trust to make it easier for people to buy into web3 products and services. While the crypto market continues to navigate through the current downturn, these moves could help to foster mainstream adoption, increase capital inflow and ultimately, bring the crypto space to the next level.
