- Mastercard’s VP of New Product Development and Innovation is bullish on crypto and blockchain.
- Harold Bossé outlined the potential and the current weaknesses of crypto.
- This was all mentioned on a May 24 Webinar hosted by Avalanche.
Harold Bossé, Mastercard’s Vice President of New Product Development and Innovation, is bullish on the mass adoption of crypto assets and blockchain technology. On May 24, Bossé appeared in a blockchain webinar where he noted that millions of people are already using crypto.
They are early adopters and new adopters, but we have switched toward mass markets, [and] that will be a very important aspect for financial institutions to move into the space.
Bossé outlined the potential of crypto assets and blockchain technology, stating how this emerging technology is similar to the advent of the internet. “[Prior to the internet], no one was thinking that Amazon could even be a concept — you need the internet for Amazon to work.” He added that the current market is similar as it requires groups of people to innovate before worrying about business.
However, Bossé mentioned the current weaknesses of the industry. “It has to become invisible. I keep saying that and I sound like a broken record, but it has to disappear into the background for users who don’t care — honestly, my mom doesn’t care if it’s [centralized finance] or DeFi.”
Additionally, Bossé said it was factors such as lack of senior management understanding, cost and speed, regulatory concerts, and commercial rationale surrounding scalability that were holding back crypto from becoming mainstream. Once the industry overcomes these challenges, Bossé said that businesses can then properly monetize activity differently and go beyond what’s happening today.
Bossé was part of an Avalanche webinar on May 24 called “Powering Business with Blockchain.” The webinar was a 40-minute session that included executives from Mastercard, Wirex, and Ava Labs. Among the topics discussed were the next generation of fintech, banking, and payments.