Mastercard’s Big Crypto Move

Mastercard’s Big Crypto Move, the deal, which is set to be announced later today,
will see Mastercard act as a middleman between the banks and the crypto platform Paxos.
It’s expected to drive the adoption of crypto to investors who aren’t ready to jump ship to startups like Coinbase and Crypto.com.

Topics
Partnerships
New Crypto Trading
The benefits

Partnerships

This move by Mastercard comes hot on the heels of Google’s announcement that it would be partnering with
Coinbase offers crypto trading through its Google Pay app.
This latest partnership is yet another sign that mainstream financial institutions are starting to take cryptocurrencies seriously.

While details of the deal are still being finalized, it is thought that Paxos will be responsible for custody and trade execution,
while Mastercard will provide its network infrastructure and processing power.
This could potentially make it easier for small-to-medium-sized banks that don’t have their in-house cryptocurrency expertise or resources,
to offer digital asset trading services without having to build everything from scratch themselves.

Paxos has been a pioneer in the cryptocurrency space,
being founded in 2012 and becoming the first bitcoin exchange to be licensed by the
New York State Department of Financial Services.
Through its expansion with Mastercard,
Paxos will continue to provide innovative solutions that make it easy for consumers and businesses to use cryptocurrencies.

New Crypto Trading

The adoption of cryptocurrencies has been slow due to a lack of understanding
and trust from both investors and banks.
Mastercard is looking to change that with its new Crypto Source program.

This program will help banks with crypto analytics, transaction monitoring,
anti-money laundering, compliance, cybersecurity, and biometrics.
In addition, it will also include crypto spending and cash-out capabilities through products
like crypto cards, open banking and cross-border services.

This is a much-needed step in the right direction for the cryptocurrency sector.
With the backing of a major financial institution like Mastercard,
we could see mass adoption of digital currencies shortly.

The company is expanding its partnership with the crypto trading platform Paxos Trust.
With this expansion, banks will be able to offer their customers cryptocurrency
trading and custody services through the Mastercard network.
This will allow consumers to seamlessly trade cryptocurrencies through their bank’s interface.

Jorn Lambert, the chief digital officer at Mastercard,
discusses the payment processor’s pilot program to let banks offer crypto trading.
The program is designed to help banks meet customer demand for crypto services
and provide a way for them to participate in the growing market.

Lambert says, that Mastercard is committed to helping its customers navigate the evolving world of payments
and that this pilot program is one way it can do that.
He also notes that cryptocurrencies are still a relatively new phenomenon
and that Mastercard is constantly monitoring developments in the space
to ensure it can provide safe and secure services to its customers.

The benefits

Last year was a big one for a cryptocurrency (BTC / ETH) where
Mastercard made it easier for banks to offer rewards in the form of cryptocurrency,
and also began allowing startups focused on digital assets to join its Start Path program.

This gave these fledgling companies access to the network’s executives and technology, which helped them grow.
The purchase of Bakkt also showed that Mastercard is serious about making cryptocurrency a mainstream payment option.
2020 is shaping up to be an even bigger year for crypto, and Mastercard is leading the charge.

The announcement of a deal between Mastercard and several banks is big news for the crypto world.
For too long, cryptocurrencies have been the preserve of early adopters and tech-savvy investors.
But with major financial institutions now getting involved, that is all set to change.

This deal will allow banks to offer crypto trading services to their customers who might not otherwise consider investing in digital currencies.
Customers trust these banks and would be more likely to invest their money with them,
knowing that they won’t be scammed. Of course,
there is no escaping the volatility of investing in cryptocurrencies.
Prices fluctuate wildly, as we have seen over the past year.
However, this should not deter people from considering investing in digital currencies.
After all, what goes down must eventually come up – and when it does,
those who have invested early could stand to make a lot of money.”

Mastercard&#8217;s Big Crypto Move

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Mastercard’s Big Crypto Move