Mastercard executive sees FTX collapse as 'time to reset' for crypto: TechCrunch

Quick Take

  • The crypto industry will experience a reset following the chaos of the FTX collapse, said Grace Berkery, Mastercard’s director of startup engagement. 

Grace Berkery, director of startup engagement at the payment processing firm Mastercard, thinks the collapse of FTX will ultimately be a positive for the industry. 

“I think it’s an opportunity and time to reset,” TechCrunch reported Berkery as saying at Benzinga's Future of Crypto Event. “At Mastercard, we believe there’s a lot of promise in the underlying technology. There’s a lot happening in the space.”

She added that investors may regard NFTs and metaverse endeavors as a big opportunity, especially if these projects boost customer engagement and loyalty. New institutional investors who do join will be more cognizant about due diligence of their crypto partners going forward, she said.

Mastercard itself has built tools for better crypto compliance, rolling out Crypto Secure in October. The platform uses artificial intelligence to monitor crypto exchange-related risks in Mastercard's pay flow, The Block reported previously. 

Other major financial players have seen silver linings following FTX's collapse as well. Ample investment opportunities abound now that crypto assets are "priced much more sensibly," said Goldman Sachs's digital asset head Mathew McDermott.

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