The MasterCard payment system has partnered with cryptocurrency company Paxos to increase demand for cryptocurrencies among customers of traditional banks.
Jorn Lambert, Chief Digital Officer at MasterCard, said the payment company will act as a bridge between the banks and cryptocurrency broker Paxos. This will enable bank customers to trade bitcoin and other cryptocurrencies, and will also attract millions of investors to the market, the top manager of the payment system assures.
MasterCard will ensure compliance with security and regulatory requirements, as many traditional banks have previously avoided working with crypto assets and entering the cryptocurrency space due to the associated risks, a company representative is convinced. As the industry is regulated, cryptocurrency platforms will increase their level of security, and this will become especially noticeable in the coming months, Lambert said.
As for the bearish trend in the market, Jorn Lambert talks about the crypto winter with optimism. In his opinion, it would be short-sighted to think that crypto winter heralds the end of the market. Vigorous activity on it implies an increase in the number of transactions, and this may well reflect on Mastercard’s business.
The top manager noted that about 60% of respondents who have not yet worked with digital assets would prefer to interact with them through familiar traditional banks. This will reduce fears and skepticism about the emerging industry. The launch of the pilot program is scheduled for the first quarter of 2023, and over time it will be expanded to a wide range of countries.
“There are a lot of people who are really interested in cryptocurrencies, but some are still intimidated by them. Therefore, individual users or organizations would feel much more confident if traditional financial institutions began to offer them cryptocurrency trading services,” Lambert believes.
A few days ago, Mastercard’s Director of Cryptocurrency and Blockchain Raj Dhamodharan spoke about the key areas that the payment system is working on for the mass adoption of cryptocurrencies.
Source: Bits
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