Terra Wants To Become Your Bank Account In 2022
Kash Network just integrated with Mastercard — you may just find yourself paying with UST stablecoins sooner than you know it.
Covered:
- Kash Network Partners With Mastercard
- Blockchain Payments in 2022
Ever since crypto emerged, enthusiasts have long awaited the day when their crypto accounts function just like bank accounts. Crypto natives want to take their stablecoins beyond yield-earning protocols — they want to pay with their interested-earning stablecoins at a regular retail store rather than setting cash aside for payments in their traditional bank account that earns a fraction of the yield offered in decentralized finance. 2022 could just be the year that Terra (LUNA) investors finally see that reality come true.
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Kash Network Partners With Mastercard
We are super excited to announce that Kash was selected by #Mastercard for @MAstartpath, an award-winning global startup program, helping innovative later-stage startups that use blockchain to solve real-world problems to scale. #DeFi #startup #Crypto #CryptoNews #blockchain pic.twitter.com/zrYSAPqMYo
— Kash (@kashdefi) January 11, 2022
Last week, a relatively overlooked partnership took place between Kash Network and Mastercard that I think carries a lot more weight than most seem to realize. Intellabridge, a blockchain venture builder, announced that Kash Network was selected to join Mastercard’s Start Path Program, which was created to help technology companies scale and grow their operations with the help of Mastercard.
If you’re unfamiliar, Kash Network is a publicly-traded company listed in the US, Canada, and Europe. Kash is a front-end mobile application that is integrated with Terra’s UST stablecoin for remittance payments, Mirror for globally accessible investing, and Anchor Protocol for stable, high-yield savings. Click here to check out Terra’s Medium post highlighting the project.
With the partnership in place, Mastercard is helping push Kash Network to become a “global blockchain banking solution.”
“Mastercard’s Start Path global startup engagement program…is designed to support Kash as a global blockchain banking solution, and is expected to accelerate Kash’s market expansion and growth by connecting Kash with Mastercard’s strategic network of relevant partners and enterprises, as well as through valuable co-marketing and customer connections.”
Blockchain Payments in 2022
I think this partnership serves as a massive endorsement from Mastercard for the Terra platform’s decentralized stablecoin, TerraUSD (UST). Mastercard clearly sees some potential in Terra worth focusing on, but the details as to what exactly the credit card provider has in store for the Terra and UST are still sparse and unconfirmed. However, this quote from Intellabridge CEO John Eagleton gives me an idea of what we might see coming this year.
“We believe that 2022 is going to be the year for blockchain banking and payments, and together with Mastercard’s market expertise and global thought leadership, we will be able to provide customers with solutions and services designed to meet their needs.”
Eagleton sees blockchain banking and payments as a big focal point for 2022. And that should come as no surprise — all the development in crypto we’ve seen from major payment providers behind the scenes points to a flourishing crypto payments ecosystem blossoming soon.
Biden administration: Stablecoins could transform the way Americans pay for everything
– CNBC
— Blockworks (@Blockworks_) November 1, 2021
If the Biden administration is saying this about stablecoins, you can be damn sure Visa and Mastercard are at least one step ahead.
Now, if stablecoins reach the point of being normalized across society, I have a hard time seeing the 20% rates we see today for UST stablecoins holding up as more and more users start using UST. However, anywhere that I can store my money safely with quick accessibility and earn more than an abysmal 0.5% granted by my bank account sounds like a win to me — and most importantly, it would be a huge win for those across the world who don’t even have access to a bank account, let alone interest-earning savings.
And I think that’s the big problem we’re trying to solve here: our current money does not work for us — in fact, it actively works against us due to inflation. It needs to be made clear that maximizing the yield on our money is less about hoarding for the rich and more about saving time and money for the world. We need more capital to build out future solutions, but if our capital deteriorates over time, then we’re working against ourselves in our sleep.
The partnerships we’re seeing with Kash right now, however, are the foundational building blocks needed to see a fully-developed stablecoin payment infrastructure in the future. Not only will we be able to tap into our crypto accounts to pay for things, but we’ll have an easier time keeping up with the rate of inflation as our bank accounts adopt faster, more innovative technology that Kash utilizes.
The post Terra Wants To Become Your Bank Account In 2022 appeared first on CryptosRus.
Text source: CryptosRus
