Mastercard’s blockchain crypto initiatives are gaining momentum as the payments giant positions itself between traditional finance and digital assets. The company is currently creating a Venmo-like crypto platform that could, in many ways, transform how people interact with blockchain technology and also address some persistent adoption challenges.
JUST IN: Mastercard is creating a way for consumers, merchants, and financial institutions to transact digital assets.
— Watcher.Guru (@WatcherGuru) April 1, 2025
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Mastercard’s Blockchain Strategy: Navigating Crypto Adoption and Regulatory Challenges
Building a Crypto Network for Transactions
Mastercard’s blockchain strategy centers on its Multi-Token Network that was actually launched in 2023. This network serves as the foundation for financial institutions to access and also build on the blockchain.
Raj Dhamodharan, Mastercard’s executive vice president of blockchain and digital assets, stated:
“We bring the scale and reach that we have to the space for the money to flow between the two worlds in a simple way.”
Dhamodharan also noted what’s currently missing in the crypto space:
“What is missing in this is a fully compliant framework and consumer experience offered on chain, like how you do Venmo and Zelle today in the US domestically.”
J.P. Morgan and Standard Chartered are working with Mastercard to develop new use cases, including cross-border payments and tokenizing assets. The Mastercard blockchain crypto initiative improves transaction speeds by making them available 24/7, which is a really significant improvement over traditional methods that can take days.
Consumer-Focused Crypto Solutions
For everyday users, Mastercard has introduced over 100 crypto-focused card programs globally. The company’s blockchain digital assets strategy aims to enable its 3.5 billion cardholders to move money between fiat and crypto worlds, something that hasn’t been possible at such a scale before.
Dhamodharan emphasized the importance of consumer participation:
“This flow of capital and spending power from the consumer side is essential to the success of this entire sector.”
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Institutional Adoption and Regulation
Regulatory uncertainty in crypto has challenged traditional financial institutions for years. However, recent regulatory shifts are now providing more clarity, creating favorable conditions for Mastercard’s Venmo-like crypto services to potentially thrive in the market.
The payments firm has invested heavily since 2015, filing more than 250 blockchain patents and also supporting 43 blockchain startups through its accelerator program. At the time of writing, a partnership with Ondo Finance helps Mastercard make institutional assets available digitally on the blockchain.
Overcoming Crypto Adoption Challenges
Despite progress, challenges remain before Venmo-like crypto services can achieve mainstream adoption. Market volatility concerns both institutions and consumers considering blockchain-based transactions. Security risks associated with blockchain digital assets are being evaluated as Mastercard develops its infrastructure.
The Mastercard blockchain crypto team is growing, with eight open blockchain-focused roles offering up to $348,000 annually, which is quite an attractive compensation package for specialists in this field.
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Dhamodharan describes the current environment:
“A fast-moving and dynamic time to be in crypto.”
This marks a shift from the industry retreat observed in 2022 following high-profile crypto failures.
Mastercard’s push toward creating a Venmo-like experience for crypto transactions represents strategic positioning in an evolving financial landscape. As regulatory uncertainty in crypto diminishes and digital assets gain legitimacy, the company’s early blockchain investments may create substantial competitive advantages for many years to come.