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.
C_Traderz
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: nypost - 🏆 91. / 67 Read more »
36 stocks to buy for double-digit earnings growth: Goldman SachsGoldman Sachs: Buy these 36 stocks that can achieve double-digit earnings growth this year even though the market is destined for flat profits Ah… no… markets going to drop 50-70% Before end of year. Economists are the worst at making predictions. They make you pay to read free information what a scam
Source: BusinessInsider - 🏆 729. / 51 Read more »
Company profits will be the weakest since the pandemic: Goldman SachsInvestors should brace for corporate profits to see their biggest drop since the start of the pandemic, Goldman Sachs says The casino always wins, the gamblers don’t. Surprise!
Source: BusinessInsider - 🏆 729. / 51 Read more »