• Mastercard has exceeded earnings expectations in Q4 as online spending continues to surge.
  • CEO of Mastercard stated that the firm aims to increase Ethereum scalability.
  • The payment firm partnered with ConsenSys to roll out a new ETH scaling system in Q4.

Mastercard has seen its fourth-quarter net income rose to $2.38 billion from $1.79 billion and its reported revenue of $5.22 billion, exceeding analysts' expectations. The payment company is seeking to increase Ethereum scalability through its partnership with ConsenSys.

Mastercard seeks to delve further into crypto

Mastercard reported revenue of $5.22 billion in Q4 2021, up from $4.12 billion a year earlier. The payments firm highlighted that card-not-present transactions, mostly used for online spending continued to show strength.

Earlier in 2021, Mastercard revealed that the company is preparing for the future of cryptocurrencies and payments, and will start supporting certain digital assets directly on its network. 

Mastercard believes that accepting cryptocurrencies will create a lot more possibilities for shoppers and merchants, enabling them to transact in an entirely new form of payment.

Mastercard has partnered with ConsenSys in Q4 to roll out a new Ethereum scaling system, enabling the expansion on both the Ethereum mainnet and private use. The two firms aim to address the challenge of scalable applications on the Quorum tech-stack through an offering that provides “enterprise-grade scalability” to financial organizations.

During the latest earnings call, Michael Mieback, the CEO of Mastercard said, “We want to help increase Ethereum scalability via our ConsenSys partnership.”

Ethereum price fails to escape downtrend

Ethereum price could continue to fall further following the break below the descending parallel channel on the 12-hour chart.

Although Ethereum price has already exceeded the bearish target given by the prevailing chart pattern at $2,337, ETH is sealed within a consolidation pattern.

ETHUSDDT

ETH/USDT 12-hour chart

Until Ethereum price can escape above the lower boundary of the governing technical pattern at $2,730, ETH could continue to be locked in a downtrend.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

More Terra News

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. 

More Ethereum News

A big price move is coming for Binance Coin; here’s what to look out for

A big price move is coming for Binance Coin; here’s what to look out for

A brief technical and on-chain analysis on Binance Coin price. Here, FXStreet's analysts evaluate where BNB could be heading next. 

More Binance Coin News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP