Payments giant Mastercard is working with an altcoin project to launch crypto processes for banks.
Mastercard will work with this altcoin project
Paying attention to compliance and security, the payments giant partnered with Paxos for banks’ crypto processes. The company is preparing a program that will facilitate the cryptocurrency processes of banks and other financial institutions. At this point, stablecoin-focused altcoin project Paxos will act as a “bridge” in the middle of banks. Mastercard is also concerned with regulatory compliance and security, which are two important points for banks wishing to offer exchange services.
Jorn Lambert, Mastercard’s chief digital officer, told CNBC on the stakeholder:
There are a lot of consumers who are genuinely interested and interested in crypto, but they would feel much more confident if these services were offered by their financial institutions.
Mastercard official stressed the importance of regulations
Lambert also said that while the market is experiencing a bear market or “crypto winter,” more activity down the road could lead to more processes and fuel Mastercard’s core business:
It would be a bit shortsighted to think it heralded the end of a crypto winter – we don’t see it. As regulation comes in, there will be a higher degree of security for crypto platforms and we will see many of the current woes resolved in the years to come.
In short, Paxos is an algorithm for selecting a single asset from the middle of multiple assets. Paxos Standard Token (PAX) is an ERC-20 stablecoin that maintains 1:1 parity with the US dollar. Released by Paxos Trust Company on September 14, 2018. It is also regulated by the New York State Department of Financial Services (NYDFS). Some of the most basic features of Paxos:
- Instant worldwide transactions
- Decentralized accounting
- 24/7 transactions
On top of that, every PAX is fully backed by the US dollar to an equivalent extent. In other words, it can also be used for US dollars at any time. However, Paxos Standard is not a security compared to US clauses.