Crypto Move from Mastercard: Here’s the Altcoin Partnered With

Crypto Move from Mastercard: Here's the Altcoin Partnered With

MasterCardis preparing to announce its plans to help banks offer cryptocurrency trading, especially Bitcoin, and to address all forms of regulatory compliance and security.

According to a report by CNBC, Mastercard has officially announced plans for a program that will help institutions offer Bitcoin and cryptocurrency trading.

Crypto Move from Mastercard: Here's the Altcoin Partnered With

Mastercard to act as a “bridge” between the gaps between banks. Paxos will work with and manage security and regulatory compliance, two big reasons many banks have cited for avoiding bitcoin and cryptocurrency.

Jorn Lambert, Mastercard’s chief digital officer, said: cryptocurrency“There are a lot of consumers who are interested in financial services, but would feel much more confident if these services were offered by their financial institutions.”

Lambert told CNBC that despite the bear market, there is still a lot of demand for the asset class. “It would be a bit shortsighted to think it heralded the end of a crypto winter, we don’t see it,” he said. As we reported earlier, 60% of respondents in a recent survey said they would prefer exposure to Bitcoin and cryptocurrency through their bank. According to the aforementioned surveys, many potential investors are still hesitant.

Mastercard explained that its role here will be “to keep banks on the right side of regulation by complying with crypto compliance rules, verifying transactions, and providing anti-money laundering and identity tracking services.”

Mastercard is expected to trial this product in the first quarter of 2023 and continue to grow in more geographies thereafter. It has not yet been announced which banks are involved in the program.

What is Paxos Dealing with Mastercard?

Paxos Standard Token (PAX) is an ERC-20 token running on the Ethereum blockchain. As a regulated stablecoin collateralized by the US dollar, it combines the benefits of blockchain technology and the stability of fiat currencies.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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