Mastercard partners Paxos to help bring crypto trading to banks: report

Mastercard (NYSE: MA), one of the world's leading payment providers, is looking to bring crypto trading to more users via a program set to enable the participation of banks, a new report says.

Timeline of Paxos-standard

According to a report by CNBC, via a partnership with regulated blockchain infrastructure platform Paxos, Mastercard is “looking to bring crypto to the masses by making it easier for banks to get involved.

Payments giant Mastercard plans to bring cryptocurrency trading to traditional finance customers via their banks. The company announced a pilot program on Monday, per CNBC's report. Mastercard will offer its services as a bridge between banks and Paxos, a crypto broker tapped by PayPal.

On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.

As was reported earlier, Binance has decided to remove competing stablecoins on its exchange and replace them with its homegrown version BUSD. In a corporate statement, Binance said it would “auto convert” holdings in dollar-based stablecoins with BUSD later this month.

PicPay, a Brazilian-based payment and wallet app is now providing crypto services to more than 30 million active users in the country. The company announced that it was planning to roll out this service last month and now allows its customers to buy, hold and sell digital assets from its platform.

Brazilian PicPay launches crypto exchange as the first step in integration with Paxos, in order to educate 30 million clients about digital assets, including Bitcoin. The popular Brazilian payment service PicPay has integrated a cryptocurrency exchange facility that enables users to purchase Bitcoin (BTC) and Ether (ETH).

Revolut will change its crypto partner Paxos this September 2022 in order to allow cryptocurrency deposits, withdrawals, and staking, as parts of its services. During the transition from Paxos to their new partner, Revolut, the London-based company, will put a halt to cryptocurrency trading.

Investment app Plynk is announcing the launch of what it's calling Plynk Crypto, a new division that will permit novice traders to gain exposure to some of the world's largest and most popular digital assets.

The NY Department of Financial Services (DFS), which oversees regulated crypto companies in the state, on June 8 released formal guidelines for United States dollar-backed stablecoin issuers. The post NY stablecoin issuers Gemini, Paxos have to ensure 100% reserves daily under new guidelines appeared first on CryptoSlate.

The Travel Rule Universal Solution Technology (TRUST), originally a group of five U.S. companies building an anti-money laundering (AML) system for cryptocurrency transactions, has grown its membership to over 30 firms and expanded its jurisdictional footprint to include Canada and Singapore.