The payment behemoth recently launched a new crypto product to help banks fight against preventing fraudulent cases associated with digital assets.
The multinational financial services company Mastercard is all set to launch a program to help financial institutions offer cryptocurrency trading to their clients.
The company plans to serve as a “bridge” between the crypto trading platform Paxos and banks to oversee regulatory compliance and security – two major areas that the banks have cited as reasons to avoid the asset class.“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 still scary for some people out there.
The company said it will help financial institutions to follow crypto compliance rules, verify transactions, adhere to anti-money-laundering laws, and identity monitoring services. It expects to pilot the product in the first quarter of 2022, then expand in more geographies across the world. Details regarding which banks have signed up so far have not been yet revealed.
The crypto industry is currently caught in one of the most brutal bear markets in its 13-year history. However, Lambert expects to see more activity in the near term, which could help Mastercard fetch more transactions and accelerate its core business. The exec said that it would be “short-sighted” to believe that crypto winter indicates the end of the entire asset class.
Over the last couple of years, Mastercard has partnered with key industry players such as Paxos, Circle, Evolve and Uphold to develop ways for users to effectively convert their crypto to fiat to make payments.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mastercard taps Paxos to launch crypto trading for banksPayment mogul Mastercard is preparing to launch a crypto trading platform for banks as the firm is confident that the crypto winter will pass.
Read more »
Mastercard to help banks offer crypto trading, provide compliance and security: CNBCMastercard will reportedly assist financial institutions looking to offer cryptocurrency trading by acting as a 'bridge' between the crypto platform Paxos.
Read more »
Mastercard Launches New Crypto Program for Financial InstitutionsPayment behemoth Mastercard has pushed deeper into crypto by extending its partnership with Paxos
Read more »
Societe Generale's Crypto Division Forge Secures Registration With French Regulator.SocieteGenerale's crypto division SG Forge has won registration from France's AMF_actu for cryptocurrency custody and trading services. By JamieCrawleyCD
Read more »
Mastercard Joins Hands With Paxos to Enhance Crypto Trading Services: Report.Mastercard has reportedly partnered with PaxosGlobal to offer a program that will help financial institutions offer cryptocurrency trading. By parikshitm899
Read more »
One home repair at a time, South Dallas nonprofit helps stabilize neighborhoodsProgram aims to help residents age in place and pass down property to the next generation.
Read more »