- Mastercard, an American fintech giant, has launched a program to let financial institutions offer crypto trading to their clients.
- Acting as a bridge between the bank and Paxos, a crypto-trading platform, Mastercard will bring cryptocurrency trading to clients of financial institutions.
- Mastercard recently announced its plan to make cryptocurrency payments accessible to users.
Mastercard, an American multinational giant has taken a giant stride in helping banks offer crypto trading services to clients. Mastercard is set to bridge banks with Paxos, a crypto-trading platform to help clients avail the service.
Also read: Chainlink ready to break the internet, is CCIP a global open-source standard?
Mastercard to help banks bridge the crypto trading gap
Mastercard’s plan to bring crypto to the masses and make cryptocurrency payments “everyday” is on track as the giant announces a program to help financial institutions offer cryptocurrency trading. Mastercard will act as a bridge between Paxos, a crypto trading platform used by PayPal to offer a similar service.
The two entities, Mastercard and Paxos will handle security, process and regulatory compliance for the banking partner. This will make crypto trading accessible to the masses as the top two reasons for banks to steer clear of digital asset trading is compliance and handling of assets.
Mastercard acknowledges that there are number of market participants waiting for the right time and partner to start crypto trading. Rolling out the service through banks would help them begin their journey in trading digital assets. Since January 2022, there have been several high profile hacks, bankruptcies filed by lenders and events like the collapse of Terra’s LUNC (formerly LUNA) and UST. These events have acted as roadblocks for beginners in crypto trading.
Bitcoin and top altcoins are known for their volatility and digital assets are considered risk assets. The bear market is considered the ideal time to build services and partnerships to roll out ahead of the next bull market, according to proponents.
Mastercard’s move is welcome by the crypto industry that has suffered billions in hacks over the past two years.
Jorn Lambert, Chief Digital Officer of Mastercard told CNBC that,
There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions. It’s a little scary to some people still.
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.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.