What's Hot

    Circle Launches EURC on Stellar Network

    September 28, 2023

    Gemini Allocates $24 Million for Indian Expansion

    September 28, 2023

    Kraken Secures EMI License from Ireland and Spain

    September 28, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      Circle Launches EURC on Stellar Network

      News September 28, 2023
      Recent

      Circle Launches EURC on Stellar Network

      September 28, 2023

      Gemini Allocates $24 Million for Indian Expansion

      September 28, 2023

      Kraken Secures EMI License from Ireland and Spain

      September 28, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Business»Mastercard Partners with Paxos to Help Banks Offer Crypto Trading
    Business

    Mastercard Partners with Paxos to Help Banks Offer Crypto Trading

    Anietie DavidBy Anietie DavidOctober 18, 2022Updated:October 18, 2022No Comments3 Mins Read
    Mastercard Partners with Paxos to Help Banks Offer Crypto Trading
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Mastercard is launching a program to let financial institutions offer cryptocurrency trading to their clients. Mastercard will act as a bridge between Paxos and banks. Mastercard’s program will handle regulatory compliance and security which are the two reasons banks avoid cryptocurrencies. 

    Mastercard (MA) has partnered with crypto trading platform Paxos to offer a program that will help financial institutions offer cryptocurrency trading, the payments company said Monday. Mastercard started the Crypto Source program, where it will help banks follow crypto compliance rules, verify transactions, provide anti-money-laundering and identity monitoring services.

    The product will reportedly be piloted in the first quarter of 2023 before expanding to other locations.

    Compliance and Security Major Issues for Banks and Users

    Despite the downtrend in cryptocurrencies in the crypto market, there is still massive interest in this asset class, according to polling referenced by Mastercard’s chief digital officer. However, due to compliance and security reasons, users would rather use traditional banks, than enter the crypto trading space. This is why Mastercard is creating a safe space for this. Mastercard will assist in maintaining compliance with crypto-related rules, verify transactions, and provide anti-money-laundering and Know Your Customer checks.

    The partnership aims for Paxos to provide crypto-asset trading and custody services on behalf of the banks, while Mastercard will leverage its technology to integrate those capabilities into banks’ interfaces, resulting in a seamless experience for the consumer.

    “Our commitment is simple – to explore crypto and the underlying digital assets technology to support consumer choice in payments. Today is an exciting step in our crypto journey that draws on the strengths of our global businesses, from open banking and identity verification to analytics and fraud monitoring to settlement solutions. We’re excited to build on our long-term partnership with Paxos – co-innovating to bring safe and secure technology to financial institutions. Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers.”

    said Jorn Lambert, Chief Digital Officer at Mastercard.

    Financial Firms Heavily Pushing for Crypto

    Recently, companies offering financial services are heavily investing in cryptocurrencies to provide services for regular users and businesses. Two companies putting in more efforts are Mastercard and Visa.

    Earlier in October, Mastercard announced plans to debut a crypto-related fraud-prevention solution, dubbed Crypto Secure, for banks and card issuers. The product is powered by its recently acquired blockchain-security startup, CipherTrace. The CEO of Mastercard recently announced a cooperation with Binance that will soon allow consumers to pay for everyday items using Bitcoin. The partnership aims to make crypto payments available at any of the 90 million retailers that accept Mastercard.

    Visa also partnered with crypto exchange Ripio to roll out their prepaid debit card that allows Ripio users to use their crypto holdings for traditional payments. The physical card allows users to make purchases in both digital and physical formats where Visa cards are accepted. 

    Banks Blockchain Economy Mastercard Paxos
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleEthereumPOW Ecosystem Grows as Miners Want Mining Chains
    Next Article Crypto Exchange FTX Under Investigation by Texas Regulators
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    London Stock Exchange Group Plans Blockchain-Based Platform for Traditional Assets

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    PayPal Introduces Cryptocurrencies Hub in Latest Update

    August 14, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.