Mastercard Has Signed This Altcoin! Here are the details

Payments giant Mastercard is working with an altcoin project to launch crypto transactions for banks.

Mastercard will work with this altcoin project

The payments giant has partnered with Paxos for banks’ crypto transactions, taking care of compliance and security. The company is preparing a program to facilitate cryptocurrency transactions by banks and other financial institutions. At this point, stablecoin-focused altcoin project Paxos will act as a “bridge” between banks. Mastercard is also concerned with regulatory compliance and security, two important aspects for banks wishing to offer exchange services.

Mastercard Deals With This Altcoin

Jorn Lambert, Mastercard’s chief digital officer, told CNBC about the partnership:

There are a lot of consumers who are genuinely interested and interested in crypto, but they would feel much more secure 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 on the way could lead to more transactions 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 issues resolved in the years to come.

Paxos overview

In short, Paxos is an algorithm for selecting a single value from multiple values. 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 are:

• Instant worldwide transactions
• Stability
• Decentralized accounting
• 24/7 transactions

On top of that, every PAX is fully backed by an equivalent amount of US dollars. So it can be used for US dollars at any time. However, under US law, Paxos Standard is not a security.