MasterCard, Paxos collaborate to aid banks in offering crypto-trading services

Payments giant MasterCard is set to launch a new program in collaboration with crypto-exchange Paxos. This new venture will aid financial institutions in offering crypto-trading services to their clients.

Timeline of Paxos-standard

Payment giant Mastercard is joining hands with New York-headquartered blockchain tech firm Paxos to launch a program that will make it easier for traditional financial institutions to offer cryptocurrency trading by providing regulatory compliance and security.

Payments giant Mastercard is offering to help traditional financial institutions get into crypto by providing the necessary fiat rails. The post Mastercard to Offer Crypto Trading to Banks With Paxos appeared first on BeInCrypto.

Mastercard Inc (NYSE: MA) on Monday announced a program to enable financial institutions to bring secure crypto trading capabilities and services to their customers, in partnership with blockchain infrastructure platform Paxos. Per the agreement, on behalf of the banks, Paxos will offer crypto-asset trading and custody services, while Mastercard will use its technology to integrate those capabilities into the bank interfaces, giving customers a "seamless" experience.

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.

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).