MASTERCARD WILL HELP BANKS TO OFFER CRYPTOCURRENCY TRADING!😳👀
I haven’t thought this all the way through yet (lol!) but I’m bringing the tea to you anyway! Sip☕️ sip☕️ sip☕️ … here we go! I saw today that payment giant Mastercard wants to bring cryptocurrency to customers by making it easier for banks to get in the mix with trading.
Their plan is to create a program to assist banks to offer cryptocurrency trading. It’s all about bridging the gap between Paxos (a crypto trading platform) and banks. Paxos is already being used by Paypal and some banks to offer a similar service. So it seems that Mastercard and Paxos will handle compliance and security.
Consumers have been skeptical (can you blame them, really?) 👀 especially since cryptocurrencies like BTC (Bitcoin) are known for their volatility and most of them have lost over half of their value in 2022. There have also been some bankruptcies in the cryptocurrency banking world as well, so there’s a lot to be skeptical about.
However, Mastercard insists that there is demand for it even though polls show that 60% of those responding say that they would “rather test the waters through their existing banks.” So even though consumers may be interested in or intrigued by cryptocurrency, and they know of the volatility of the market, they would feel a bit more confident if their local banks offered those services because most are still scared of it.
Even though investment banks (Morgan Stanley, Goldman Sachs, JPMorgan Chase) have crypto teams on staff who may be actively working on crypto platforms, they still have not offered it to their customer base in that manner just yet - as they’re still skeptical too. Fortune dot com reports on Jamie Dimon (JP Morgan Chase’s CEO):
“In congressional testimony on Wednesday, Dimon referred to himself as “a major skeptic” on cryptocurrencies like Bitcoin. “They are decentralized Ponzi schemes, and the notion that's good for anybody is unbelievable,” he told lawmakers, calling Bitcoin and other cryptocurrencies dangerous.”
The thing that makes people scared or apprehensive about cryptocurrency is when they don’t know anything much about it and I can understand why. The more you know about cryptocurrency the easier it will be for you to understand how the blockchain works and why crypto markets are so volatile. You will also learn the right time to purchase crypto, and even if it’s not the right time to purchase, you can learn how to trade it instead. Either way, your account can be fat and healthy looking!🤷🏾♀️🤑
But if banks embrace this deal with Mastercard that would mean that there would be more competition for Coinbase and other crypto exchanges in the USA. We’ll see - just keep watching this space for the latest updates!🙏🏿
As usual, if you want to learn more about how cryptocurrencies work (or even about trading foreign currencies, stocks, or commodities) hit me up at the link below, and let’s chat about it! Hopefully, I can answer your crypto or trading questions, and if I can’t I definitely will find the answers for you!🙌🏾
The link is below, I’ll see you on the money mountain!🤑🤑
CLICK HERE TO CONTACT ME ABOUT TRADING OR BUYING CRYPTO AND COMMODITIES!
Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.