MA stock is up and is trading at $297.50 as of 10:29 AM EDT.
Mastercard ( NYSE:MA ), the largest payments company in the world, and Paxos , a cryptocurrency exchange, will start a new program on Monday to help lenders let their customers trade cryptocurrencies.
Mastercard ( NYSE:MA ) said it would take care of regulatory compliance and security so that financial institutions would be more likely to use crypto trading services. The measure follows Mastercard’s (MA) intention to release a technology that will assist banks in identifying and blocking fraudulent transactions from cryptocurrency exchanges.
Crypto Source is supposed to come out in the first quarter of 2023. If banks (COIN) like it, it could directly compete with American cryptocurrency exchanges like Coinbase Global.
Even though the market is in a bear market, “there are a lot of consumers out there who are really interested in this and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions,” Mastercard’s chief digital officer, Jorn Lambert, noted to CNBC while declining to disclose which lenders enrolled in the program. Some folks still find it a little frightening.
Mastercard is still growing in the emerging market, even though the cryptocurrency business is going through a rough patch because the price of tokens dropped at the beginning of 2022. In August, Mastercard and Ebang’s Ebonex worked together to make a crypto-linked card.
In related news, Uber Technologies ( NYSE:UBER ) on Thursday
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