According CNBC, MasterCard partnered with the specialized company Paxos in order to allow the banks to offer cryptocurrency exchange services to their clients.
The giant MasterCardwhich unveiled a product in early October allowing banks to identify suspicious transactions related to digital assets, will launch a program offering the possibility to financial institutions to easily offer digital coin trading to individualssignals CNBC this Monday morning.
We learn that the payment card specialist has partnered with Paxos with plans to serve as bridge between banks and the stablecoin issuer and US crypto custodian.
There are a lot of consumers who are really intrigued by crypto, but they would feel a lot more confident if these services were offered by their financial institutions,” explained Jorn Lambert, digital director at Mastercard, on CNBC.
While many finance and banking heavyweights have now dived into this new asset class, few of them currently offer crypto investment services for retail investors, especially for regulatory reasons.
MasterCard work more and more for the democratization of digital tokens, including NFTs. Like its rival Visa, the firm offers payment cards in partnership with several exchanges. This summer, it joined forces with number 1 Binance with the ambition of making crypto payments more popular.
Whether Bitcoin was born during the subprime crisis in order to offer an alternative to the financial system, the token is now getting closer and closer to TradFi. “It’s hard to believe the crypto industry will truly mainstream without embracing the financial industry as we know it,” the executive said.
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