Mastercard wants to bring crypto to the mainstream by making it easier for banks to participate in the burgeoning industry. The payments giant therefore intends to announce a program which will assist financial institutions in offering cryptocurrency trading capabilities.
Mastercard will thus serve as a bridge between PayPal and Paxos. According to the company, Mastercard and Paxos shall manage regulatory compliance and security, which are two of the main reasons banks typically avoid the asset class to begin with.
Despite the infamous volatility associated with crypto, Mastercards Chief Digital Officer, Jorn Lambert, stated that there is still significant demand for the asset, however it is also worth mentioning that about 60% of respondents want to test the waters a bit first before getting fully involved.
Lambert further indicated that numerous consumers have expressed a passing interest in crypto, but would feel more comofortable if those services were provided by familiar financial institutions instead of relatively unknown entities.
Both Mastercard and Visa have been making waves in the crypto space. Mastercard has already collaborated with Coinbase on NFTs and Bakkt to enable banks and merchants in its network to provide cryptocurrency-related services. Visa recently announced that it has over 70 crypto collaborations and has partnered with FTX to provide crypto debit cards in 40 countries.
Mastercard Charges Forward With Crypto Immersion
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
December 26,2024
Crypto AI Agents To Watch In 2025
December 26,2024
SHIB Investors Remain Hopeful For A Rally After Burn Rate Skyrockets
December 26,2024
Binance Announces Support For Thailand Bitcoin Proposal
December 26,2024
Crypto Cold War Continues As Russia Embraces BTC For International Trade
December 25,2024
Legal Battle Over Crypto Staking Taxation Could Have Huge Ramifications
December 25,2024
Energy Shortages Lead To Russia Banning Crypto Mining In 10 Regions
December 25,2024
Debate Between Cardano Founder And AI Bot Goes Viral
December 25,2024
More Investors Join Dogecoin As Network Activity Continues To Grow
December 24,2024
$PENGU Gets Listed On Crypto.com And Hyperliquid
December 24,2024
New Crypto Asset Regulations Announced By Philippines SEC
December 24,2024
Aave Looks To Tackle MEV By Integrating Chainlink SVR Oracle
December 24,2024