- Mastercard outperformed its fourth-quarter earnings forecast as online spending continues to skyrocket.
- Mastercard’s CEO said the company aims to improve the scalability of Ethereum.
- The payments company has partnered with ConsenSys to roll out a new ETH scaling system in the fourth quarter.
Mastercard’s fourth-quarter net income increased from $ 1.79 billion to $ 2.38 billion, with reported revenue of $ 5.22 billion, which exceeded analysts’ expectations. Payment companies are seeking to improve Ethereum’s scalability through a partnership with ConsenSys.
Mastercard is trying to dig deeper into the crypto
Mastercard reported revenue of $ 5.22 billion in the fourth quarter of 2021, up from $ 4.12 billion in the previous year. Settlement companies emphasized that transactions that do not show cards, which are primarily used for online spending, continue to be strong.
At the beginning of 2021, Mastercard revealed that the company is preparing for the future of cryptocurrencies and payments and will begin to support certain digital assets directly on the network.
Mastercard believes that accepting cryptocurrencies will greatly increase the likelihood that shoppers and merchants will be able to trade with entirely new payment methods.
Mastercard partnered with ConsenSys in the fourth quarter to deploy a new Ethereum scaling system, enabling both mainnet and private expansion of Ethereum. The two companies aim to address the challenges of scalable applications on the quorum technology stack through products that provide financial institutions with “enterprise-grade scalability.”
“We want to improve Ethereum’s scalability through the ConsenSys partnership,” MasterCard CEO Michael Mieback said in a recent earnings call.
Ethereum prices cannot escape the downtrend
Ethereum prices may fall further after falling below the falling parallel channels on the 12-hour chart.
Ethereum’s price is already above the bearish target given at the common chart pattern of $ 2,337, but ETH is sealed within the integration pattern.
ETH / USDT 12 hour chart
ETH could continue to be trapped in the downtrend until Ethereum’s price is $ 2,730 and can escape beyond the lower bound of the dominant tech pattern.