Payment Giants Tapping into Blockchain Tech

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There’s a great article today by  at Coindesk which lays out what the payment behemoths are doing in the Blockchain space.

Banks have publicly embraced blockchain technology and prominent figures from traditional finance have also lauded its potential. But how exactly are payment giants such as MasterCard interacting with the world of crypto?

Be it through direct investment, partnerships with companies in the space or public comments on bitcoin and its underlying technology, here’s a round-up of some of the most notable interactions between payment giants and the world of crypto.

A taste of some of the reporting work… but for full article head off to Coindesk and ingest the whole piece.

Mastercard:

MasterCard filed a patent application to be able to incorporate bitcoin into the design of a proposed online shopping cart which would be rolled out to its global customers. Despite this, MasterCard insisted the filing should not be perceived as the company’s support of bitcoin.

Visa:

Visa CEO Charlie Scharf spoke about bitcoin in January last year. “There are certainly some interesting things about bitcoin and other things like it, but there are also a great deal of complexities,” he said.

Schartf went on to suggest that Visa was not actively monitoring the bitcoin space: “We feel quite comfortable with the business we have here.”

American Express:

Similar to his contemporaries, Chenault said he saw more potential for bitcoin’s underlying blockchain technology than the digital currency itself.

“The protocol of bitcoin is going to be important,” he said.

Paypal:

Online payments leader PayPal announced its first partnerships in the bitcoin space in September 2014.

At the time, the company’s senior director of corporate strategy Scott Ellison, said the company was “proceeding gradually, supporting bitcoin in some ways today and holding off on other ways until we see how things develop”.

Bitcoin payment processors BitPay, GoCoin and Coinbase told CoinDesk the partnership had been months in the making.

For full article head off to Coindesk and ingest the whole piece.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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