By Franklin Smith
The leading payment company MasterCard plans to collaborate with cryptocurrency exchange Paxos to introduce a new program.
The new venture will support financial institutions in providing cryptocurrency investment services to their customers. CNBC’s report indicated that MasterCard would connect banks and Paxos.
Reports suggested that the payment giant will control the regulatory compliance and security of the agreement. Ironically, the company highlighted these as the two primary reasons for avoiding crypto at first glance.
Role Restricted to Monitoring & Compliance
MasterCard will update financial institutions about regulatory compliance and authorizing transactions. Also, it will offer insights into identity monitoring and anti-money laundering. MasterCard’s CDO Jorn Lambert commented on the company’s poll.
He stated that digital assets saw healthy demand, regardless of the cryptocurrency winter. Nevertheless, around60% of the interviewees wish to interact with virtual assets via their existing banks. That is where MasterCard comes in.
Lambert told CNBC that many consumers want to explore digital assets but would feel more secure if they access the services through their banks. He commented on crypto adoption, stating that the crypto market will suffer going mainstream. That’s unless it adopts the traditional finance sector.
MasterCard’s Cryptocurrency Ventures
The discussed cooperation isn’t MasterCard’s first step into the crypto market. The firm has declared several partnerships and joint ventures in 2022. MasterCard introduced a prepaid service card in Argentina in August this year, following a partnership with Binance.
The card allowed everyday crypto purchases for Binance users within the nation. MasterCard unveiled the Crypto Secure launch on October 4. Meanwhile, Crypto Secure is a risk assessment equipment for evaluating crypto exchanges’ risk profiles.
Meanwhile, the crypto market witnessed downsides following deteriorated global financial space. Most assets are struggling around their respective lows. For instance, Bitcoin fails to overcome $20,000, despite multiple attempts.
While publishing this post, the world’s largest crypto changed hands at $19,544.71, gaining 0.28% within the past day. However, the industry sees several activities despite the downbeat mode. That shows that crypto is here to stay.
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