Mastercard will on Tuesday launch a new product called Crypto Secure that helps banks assess the risk of crime associated with crypto merchants on its network.
The payments giant is doubling down on crypto at a time when prices of digital currencies are falling and volumes have dried up. The entire market has shed roughly $2 trillion in value since the peak of a huge rally in November 2021.
Bitcoin is now worth less than $20,000 a coin — a roughly 70% plunge from its near-$69,000 all-time high — and in recent weeks has struggled to climb meaningfully above that level. Asked about the impact of the declines in crypto prices on Mastercard's digital asset strategy, Bhalla said the company was"focused on providing solutions to the stakeholders for the long term."
"These are market cycles, they will come and they will go," he said."I think you've got to take the longer view that this is a big marketplace now and evolving and is probably going to be much, much bigger in the future." Despite the slump in digital token prices, crime in the industry has shown no signs of abating. A particularly popular method of swindling crypto investors of their funds this year has been to exploit blockchain bridges, tools used to exchange assets from one crypto network to another. Around $1.4 billion has been lost to breaches on these cross-chain bridges since the start of 2022, according to Chainalysis data.
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