- 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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.