Payment Services Giants See Crypto as Opportunity, Not Threat: MoffettNathanson

Visa, Mastercard and PayPal are expanding their crypto capabilities and continuing to invest across the fledgling industry.

AccessTimeIconDec 16, 2021 at 6:01 a.m. UTC
Updated May 11, 2023 at 7:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Payment services giants Visa, Mastercard and PayPal don’t see the rise of the crypto industry as a threat, and will continue to invest across the crypto ecosystem, New York-based research firm MoffettNathanson told clients in a note Wednesday.

  • The note underscores the growing acceptance of crypto among older payment services companies and highlights their efforts to adapt to a changing environment. The three companies spoke at MoffettNathanson’s crypto and blockchain event earlier this month.
  • Visa sees crypto’s relevance extending beyond payments and itself as a layer 2, or companion network, that can operate on top of the blockchain network, as the company does with fiat-based networks. Visa is also expecting strong volume growth over the next one to two years from partnerships with crypto wallets, the company’s senior vice president and global fintech head, Terry Angelos, told MoffettNathanson.
  • Mastercard is benefiting through cross-border crypto on- and off-ramp flows at crypto exchanges and wallets, and sees crypto as an opportunity to build new products, said Raj Dhamodharan, executive vice president of blockchain and digital asset products. The company is also aiming to become an on-ramp to the non-fungible token (NFT) marketplace, and to add cryptocurrencies to its multi-rail network as native currencies for settlement.
  • Meanwhile, PayPal is investing in education-related initiatives in hopes of reaching a wider audience. The company is also working on opening its platform to allow interaction with decentralized finance (DeFi) networks, and the ability for users to transfer crypto in and out of its digital wallet safely, said Edwin Aoki, the company’s tech fellow and chief technology officer of blockchain, crypto and digital currencies.
  • WisdomTree Visa Debit Card Highlights 'Real World Use Cases for Blockchain': Head of Digital Assets
    14:11
    WisdomTree Visa Debit Card Highlights 'Real World Use Cases for Blockchain': Head of Digital Assets
  • How PayPal, Visa and BlackRock View Crypto in 2023
    02:41
    How PayPal, Visa and BlackRock View Crypto in 2023
  • El Salvador Targets Bitcoin Millionaires in New Push to Attract Long-Term Residents
    01:03
    El Salvador Targets Bitcoin Millionaires in New Push to Attract Long-Term Residents
  • BitGo CEO Says More Bitcoin ETF Rejections Are 'Quite Likely'; Tether's Bitcoin Mining Plans
    02:09
    BitGo CEO Says More Bitcoin ETF Rejections Are 'Quite Likely'; Tether's Bitcoin Mining Plans
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.