How Mastercard, Goldman Sachs And Other “TradFi” Titans Are Using Blockchain To Rewire Global Finance

  • 📰 Forbes
  • ⏱ Reading Time:
  • 80 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 35%
  • Publisher: 53%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

How Mastercard, Goldman Sachs And Other “TradFi” Titans Are Using Blockchain To Rewire Global Finance by DelRayMan, ninabambysheva Blockchain50

Here will always be new payment technology,” says Michael Miebach, chief executive of Mastercard, the world’s second-largest payments company. “First there were cards using ISO 8583 [ISO numbers refer to international standards] messaging technology, which is 50 years old, then real-time payments became real with ISO 20022. And then came blockchain, and we said okay, what would that solve? There’s a whole set of real-life problems out there that blockchain can solve.

“You can tokenize anything,” Miebach says. “I think we’re going to have a world where everything will be tokenized and will be passed around in a safe fashion.”2023 Blockchain 50 list of billion-dollar companies putting distributed-ledger technology to real use. Mastercard is also a prototypical corporate middleman. It raked in $22 billion in revenue and $10 billion in profit last year from the fees it charges financial institutions to, essentially, help customers spend their own money.

Other “TradFi” CEOs are right alongside Miebach, beating the crypto drum. In December David Solomon, the CEO of Goldman Sachs, penned an opinion piece in theheadlined “Blockchain Is Much More Than Crypto,” in which the boss of Wall Street’s most iconic firm cautioned against dismissing the technology in the wake of the Sam Bankman-Fried/FTX fiasco. The crux of his argument? “Under the guidance of a regulated financial institution like ours blockchain innovations can flourish.

The nation’s oldest bank, 238-year-old BNY Mellon, already offers digital asset custody for U.S. asset managers and provides back-office services to 19 Canadian crypto ETFs and mutual funds.

Public blockchains can offer advantages in terms of speed and cost. Private equity pioneer KKR, whose funds manage $496 billion worth of assets, recently opened its $4 billion Health Care Strategic Growth Fund to distribution via Avalanche, a fast public blockchain that boasts 4,500 transactions per second . Other Avalanche users include CME Group, payments company FIS and Mastercard.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 394. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Big Tech layoffs: What companies such as Amazon and Meta have in commonOne of the things these companies have in common is the fact that 'many hired aggressively during the pandemic, often because they over-extrapolated pandemic-related trends such as increases in demand for goods or time spent online.'
Källa: YahooNews - 🏆 380. / 59 Läs mer »

Goldman Sachs ups its near-term S&P 500 target due to brighter economic picture. But that could knock 25% off stocks, strategists say.A team of Goldman Sachs strategists lifted their three-month target from 3,600 to 4,000 for the S&P 500, which is up more than 7% so far this year.
Källa: MarketWatch - 🏆 3. / 97 Läs mer »

Black small business owners more confident about this year than their peersBlack small-business owners feel more optimistic about this year than their peers, Goldman Sachs' latest 10,000 Small Businesses Voices survey shows.
Källa: axios - 🏆 302. / 63 Läs mer »