Mastercard’s VP Product for Digital Assets and Cross Border Payment Innovation says that crypto has to become “invisible” in order to reach mainstream audiences.
Speaking at an online event hosted by smart contract platform Avalanche, Mastercard’s Harold Bossé explained that cryptoassets need to go “invisible” by integrating into existing financial systems. Bossé argued that integration, rather than upheaval, was the only realistic path for crypto to achieve mainstream adoption.
As reported by Decrypt, he said,
[Crypto] has to become invisible. I keep saying that and I sound like a broken record, but it has to disappear in the background for a user who doesn’t care — honestly, my mom doesn’t care if it’s [centralized finance] or DeFi.
The Mastercard executive predicted that crypto would experience the most growth in areas where businesses are able to embed DeFi into their existing framework.
Bossé also detailed a number of barriers to crypto adoption, including a lack of knowledge about the industry at a senior management level, the cost and speed of blockchain, and regulatory concerns. The VP was adamant that crypto would need to garner more consumer confidence in order to achieve mass adoption.
No one will use digital assets on blockchains unless they are absolutely certain that this money is good money.
Bossé challenged the crypto community to break out of its bubble and begin attracting demographics that are not currently interested in digital assets.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.