- Mastercard’s new project emanated due to the increasing demand for cryptocurrency investment through financial institutions.
- Bear Market is not the end of virtual assets, clear regulation will aid mainstream adoption of cryptocurrency – Mastercard Official.
According to an emerging report, Mastercard is working on a solution that will aid banks in offering cryptocurrency trading services to customers. As stated by the reports, Mastercard is offering to become a link between banks and blockchain services firm Paxos. Therefore making it easier for the general public to trade digital assets.
Also, Mastercard states that the project will comply with regulatory and security stipulations regarding digital assets for banks. The payment giant establishes that regulations and security concerns are the reason why many banks are ignoring digital assets.
The emerging indications about this project represent another effort of Mastercard to embrace cryptocurrency. The payment firm in the past has initiated numerous projects that are cryptocurrency oriented. To a reasonable extent, Mastercard is trying to stay ahead of the competition by tapping into emerging opportunities in the digital asset sector.
Increasing demand for cryptocurrency investment through banks
However, the opinion of Jorn Lambert, Mastercard’s Chief Digital Officer, reflects this position. According to Lambert, Mastercard is initiating the project due to the increasing demand by customers for cryptocurrency investment through traditional financial institutions.
There’s a lot of consumers out there that 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. It’s a little scary to some people still,
To back up his position, the Chief Digital Officer made reference to a just concluded poll. Lambert described how a larger percentage of people that participated in the research opted for crypto investment through their banks. The poll reflects that people are making the request due to the protection they enjoy by committing investment to their banks.
The role of regulation towards the global adoption of cryptocurrency
Additionally, The Mastercard official expressed hope about the future of the industry. Lambert argued that the present market condition of the crypto sector isn’t the end of the industry. He backed the industry to regain its balance as soon as possible. Likewise, Jorn Lambert addressed the role of regulation towards the mainstream adoption of cryptocurrency. He said clear regulations would provide the needed security mechanism for the global popularity of virtual assets.
Meanwhile, Lambert made a shocking revelation regarding the relationship between the virtual asset industry and traditional financial institutions. The Mastercard official divulged that the cryptocurrency cannot attract mass adoption unless it embraces traditional financial institutions.
“It’s hard to believe that the crypto industry will truly go mainstream without embracing the financial industry as we know it,” Lambert concluded.