Rocket ICO Giving you a better way to make your decisions and enjoy the process of ICO backing

  • Lydian ICO
  • Markets
Latest News
  • Optimism token OP hits all-time high Bedrock upgrade news   |   02 Feb 2023

  • Ethereum price after Zhejiang testnet launch   |   02 Feb 2023

  • LBRY Credits (LBC) shoots up by 90% after being declared not a security   |   02 Feb 2023

  • MakerDAO announces a $5M legal defense fund   |   01 Feb 2023

  • Bulls back on top, but all eyes on the Federal Reserve   |   01 Feb 2023

  • HSBC is now ready to venture into the crypto market   |   01 Feb 2023

 
Home» Markets»Mastercard to help financial institutions offer crypto to their clients

Mastercard to help financial institutions offer crypto to their clients

rocketman 18 Oct 2022 Markets Comments Off on Mastercard to help financial institutions offer crypto to their clients 43 Views

The world’s payment giant Mastercard announced in an interview with CNBC that it will help financial institutions including banks offer cryptocurrency trading to their clients. The payment company wants to make it easier to allow banks to bring crypto to the masses.

Mastercard intends to act as a “bridge” between Paxos crypto trading platform and banks. PayPal already uses Paxos to offer crypto services within the UK.

Mastercard will take care of regulatory compliance and security. This is the reason banks are avoiding crypto.

Cryptocurrency is a popular topic among consumers.

The volatility of cryptocurrencies is high. There’s also the bear market currently triggered by Terra LUNA’s de-pegging its UST stablecoin. A number of crypto service providers, including Voyager Digital and Celsius, have filed for bankruptcy. 

Mastercard believes, however, that there are still many potential customers who are interested in cryptocurrency.

Mastercard’s chief digital officer, Jorn Lambert, said that survey shows there is still a high demand for digital assets although about 60% of those interviewed would prefer trying out the space through established banks.

Jorn Lambert stated:

“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.”

Lambert also said the following:

“It would be shortsighted to think that a little bit of a crypto winter heralds the end of it — we don’t see that. As regulation comes in, there is going to be a higher degree of security available to the crypto platforms and we’ll see a lot of the current issues getting resolved in the quarters in the years to come.”

While banks have invested in crypto, they don’t offer it to their clients.

Morgan Stanley, Goldman Sachs, JPMorgan and other large investment banks have formed teams to study the crypto space, but have so far not offered the product for clients. Just last week, the CEO of JPMorgan, Jamie Dimon, referred to cryptocurrencies as “decentralized Ponzis” during an Institute for International Finance event.

If the banks embrace Mastercard’s partnership model through Paxos, it would mean more competition for popular crypto exchanges, especially those like Coinbase that operate in the US.

Mastercard will pilot the product in Q1 2023

Mastercard will pilot the product that will see it handle regulation by following crypto compliance rules, verifying transactions and providing anti-money-laundering and identity monitoring services in the first quarter of 2023.

Lambert refused to reveal the names of the banks that were selected for the pilot but said that the payment giant would continue expanding the product in other locations after the pilot.

This article can be shared
Categories
Tags
clients crypto financial institutions Mastercard offer 2022-10-18
Tags clients crypto financial institutions Mastercard offer
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : rocketman
Previous Article :

BlockFills adds crypto CFDs to flagship platform Phoenix

Next Article :

Why is crypto following stock market closer than ever before?

Related Articles

Optimism token OP hits all-time high Bedrock upgrade news

Optimism token OP hits all-time high Bedrock upgrade news

rocketman 02 Feb 2023
Ethereum price after Zhejiang testnet launch

Ethereum price after Zhejiang testnet launch

rocketman 02 Feb 2023
LBRY Credits (LBC) shoots up by 90% after being declared not a security

LBRY Credits (LBC) shoots up by 90% after being declared not a security

rocketman 02 Feb 2023

ABOUT ME

lourari bra

lourari bra

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus pulvinar eros id diam gravida, id pharetra ligula cursus. Sed dapibus lectus augue, non volutpat lorem porttitor vel.

Popular Posts

Optimism token OP hits all-time high Bedrock upgrade news
Markets

Optimism token OP hits all-time high Bedrock upgrade news

rocketman 02 Feb 2023
Bitcoin Profit Review 2021: Is It a Scam Or Legit?
Reviews

Bitcoin Profit Review 2021: Is It a Scam Or Legit?

rocketman 22 Jul 2021
Yuan Pay Group review 2021 – Is it a Scam or Legit?
Reviews

Yuan Pay Group review 2021 – Is it a Scam or Legit?

rocketman 26 Jul 2021
Immediate Bitcoin Review: Does it work?
Reviews

Immediate Bitcoin Review: Does it work?

rocketman 27 Jul 2021
Bitcoin Era Review: Is this a scam?
Reviews

Bitcoin Era Review: Is this a scam?

rocketman 27 Jul 2021

Advertisement

Recent Posts

  • Optimism token OP hits all-time high Bedrock upgrade news

    Optimism token OP hits all-time high Bedrock upgrade news

    rocketman 02 Feb 2023
  • Ethereum price after Zhejiang testnet launch

    Ethereum price after Zhejiang testnet launch

    rocketman 02 Feb 2023
  • LBRY Credits (LBC) shoots up by 90% after being declared not a security

    LBRY Credits (LBC) shoots up by 90% after being declared not a security

    rocketman 02 Feb 2023
  • MakerDAO announces a $5M legal defense fund

    MakerDAO announces a $5M legal defense fund

    rocketman 01 Feb 2023
  • Bulls back on top, but all eyes on the Federal Reserve

    Bulls back on top, but all eyes on the Federal Reserve

    rocketman 01 Feb 2023

htmagazine
About HTmagazine was created in 2015 , and covers the intersection of Technology, Lifestyle, Business, Entertainment, and Culture.

Follow us

Newslater

Those an equal point no years do. Depend warmth fat but her but played. Shy and subjects wondered

Random Posts

Optimism token OP hits all-time high Bedrock upgrade news

Optimism token OP hits all-time high Bedrock upgrade news

Ethereum price after Zhejiang testnet launch

Ethereum price after Zhejiang testnet launch

LBRY Credits (LBC) shoots up by 90% after being declared not a security

LBRY Credits (LBC) shoots up by 90% after being declared not a security

MakerDAO announces a $5M legal defense fund

MakerDAO announces a $5M legal defense fund

Bulls back on top, but all eyes on the Federal Reserve

Bulls back on top, but all eyes on the Federal Reserve

Tags

Binance Bitcoin BTC buy CEO crypto cryptos heres launches market places price today token top
© Copyright 2021, All Rights Reserved