In 2022, the interest in cryptocurrency has faced ups and downs due to volatile values and shifting perceptions among financial institutions. Despite this, Mastercard aims to increase the utility of cryptocurrencies, particularly Bitcoin, for existing users.
Mastercard recently announced a partnership with crypto exchange platform Paxos to introduce a new initiative that simplifies cryptocurrency trading. The objective is to encourage American financial institutions and banks to participate in this service, allowing users to engage in crypto exchanges supported by Mastercard and Paxos, who will manage most of the operational aspects.
Jorn Lambert, Chief Digital Officer at Mastercard, explained in an interview with CNBC that many consumers are intrigued by crypto but hesitant due to a lack of confidence, emphasizing the importance of having these services available through traditional financial institutions to reassure users.
Lambert emphasized that the future of cryptocurrency remains promising despite temporary setbacks and believes that improved regulation will enhance security and resolve current issues in the industry over the next few years.
He expressed the view that for cryptocurrency to gain widespread acceptance, it must integrate with the existing financial system. Lambert believes that without the support of the banking industry, cryptocurrency cannot achieve mainstream adoption.
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