EWPN joined forces with Mastercard and Wirex to explore the emergence of digital currencies in payments.

Mastercard is the largest holder of blockchain patents in the payments industry. They are developing a wide range of products and capabilities to support the use of crypto-assets and the exploration of CBDCs.

There are different types of digital assets. There are privately issued digital assets. This includes ‘utility’ tokens, which refers to many of the cryptocurrencies which are listed on cryptocurrency exchanges. They are designed to act as a store of value for a blockchain-enabled service offering. NFTs represent ownership of a unique digital asset, e.g., artwork or collectable. Meanwhile, stablecoins are tokens that are designed to track the value of a reference asset like gold or USD. There are also Central Bank Digital Currencies, this is a digital currency issued by a central bank.

Cross-border payments can benefit from the emergence of distributed ledger technology, which can make the transfer of funds more efficient. Other interest use cases include Proof of Provenance leveraging blockchain technology to track and trace the origin of goods.

Mastercard’s Digital Asset Card programme are cards with the same protections and security standards as conventional debit and credit cards.

Regulations are going to be a big part of the development cryptocurrencies.

We are seeing more and more women in the crypto industry. Traditionally, more men were involved in it. Be open-minded if you are interested in such a career, stay on top of the latest trends and network a lot in the industry!

Check out Wirex’s initiatives to support women in crypto here: https://wirexapp.com/blog/category/women-in-crypto-0009

Blockchain technologies are reimagining traditional financial instruments and companies like Wirex and Mastercard are helping facilitate consumer access to a wider portfolio of payment methods.

Watch the full webinar here and educate yourself about the future of money:

Are you interested in more events like this? Check out our fireside chat about ‘The Future of Money in Light of NFTs, Bitcoin, CBDCs and FinTech’ with our lovely Israel Country Ambassador, Meirav Harel.

Register for free: https://www.eventbrite.co.uk/o/ewpn-14450914227

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