Mastercard CEO sees FTX collapse as ‘reset for crypto’

The collapse of FTX was an event no one would have believed a few months ago. It has caused a financial shock wave and in a sense it damages the overall reputation of the crypto industry. You could read recently that despite the FTX implosion, Binance CEO Changpeng Zhao (CZ) is still optimistic about the future and believes the industry is “healthier” than before the stock market collapse.

To boost confidence in the industry, Binance had recently launched an emergency fund for crypto companies with liquidity problems. The largest crypto exchange in the world was also the first to promise to be transparent about their reserves through a so-called Merkle Tree Proof of Reserves.

Mastercard keeps faith

Grace Berkery, de director of startup engagement at Mastercard, shares CZ’s view and sees FTX’s bankruptcy as a ‘reset moment’ for the industry as a whole. During the ‘Benzinga’s Future of Cryptoevent, he indicated that Mastercard still strongly believes in the underlying technology of the blockchain.

Berkerey also indicated that she does not think that institutions will shy away from industry. Instead, they will focus on becoming more careful in the collaborations, as well as working with companies with a proven track record. The focus will be more on what the tangible value is that you add as a company.

She added that investors may view non-fungible tokens (NFTs) and metaverse efforts as a great opportunity, especially if these projects increase customer engagement and loyalty.

MasterCard CryptoSecure

Earlier you could read in the altcoin news that Mastercard had developed a new tool for banks and payment card providers to tackle crypto-related fraud. It is also called ‘Crypto Secure’ and it runs on artificial intelligence and data from blockchains.

Crypto-related fraud has been a major problem in the past year and with Crypto Secure, the international payment processor hopes to boost crypto’s reputation.