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.
October 21,2024
Crypto Tax Cuts Will Happen In Japan If DPP Wins Upcoming Election
October 21,2024
Signs Of An Overheated Market As Crypto Fear And Greed Index Hits 73
October 21,2024
Web3 Fundraising Deals - 15th To 21st October 2024
October 20,2024
CBOE And NYSE Spot Bitcoin ETF Applications Finally Approved By The SEC
October 20,2024
Dogecoin Experiences Significant Surge As Bitcoin Touches $69K Again
October 18,2024
Bitcoin Poised To Leave Gold And NASDAQ In The Dirt
October 18,2024
SEC Challenges Key XRP Ruling Through New Appeal
October 17,2024
An Overwhelming Majority Of Asian Private Wealth Is Investing In Crypto
October 17,2024
WLFI Token Raises $5 Million As Technical Issues Persist
October 16,2024
DeLorean Motors May Copy Tesla And Adopt SHIB As Payment Option
October 16,2024
Everything You Need To Know About The New Ripple Stablecoin
October 15,2024