Mastercard and BNY Mellon embrace cryptography – Finance & Markets News

Mastercard and BNY Mellon embrace cryptography - Finance & Markets News

This would further legitimize Bitcoin as a fully-fledged means of payment for both consumers and management companies. In a surprise move, Mastercard and BNY Mellon announced on Thursday that they will provide encryption services to their customers. In the wake of this announcement, Bitcoin continued its mad rise, jumping by nearly 7.4% to $48,364.

The payment company Mastercard announced that it is preparing to accept transactions in some cryptomoney on its payment network. This is a further step forward: Mastercard had already established partnerships with crypto card providers such as Wirex and BitPay.

The listed group says it is seeing more and more consumers using its payment cards to acquire cryptocurrencies, such as Bitcoins, but also more people wanting to convert them into traditional currencies in order to spend them. This will allow consumers and merchants to transact in a new way, and will broaden the potential customer base for merchants, the company added.

The group is cautious about accepting all encrypted currencies on its payment network, adding that it would first assess whether these currencies offer sufficient guarantees in terms of consumer protection and compliance with the protocols and rules in force.

BNY Mellon also converts

BNY Mellon also converts

This Thursday, the New York bank BNY Mellon also announced its conversion to encryption. It will hold, transfer and deliver Bitcoins and other cryptos to institutional clients. It claims to be the first bank to provide its clients with a service for assets that could include Bitcoin.

To achieve this, BNY Mellon has set up a new dedicated entity and administration platform for both traditional and digital assets. Mike Demessie, head of advanced solutions, will oversee this entity.

The announcement of Mastercard comes at a time when cryptosystems such as Bitcoin have been gaining momentum in recent months. To add to this, the American electric car manufacturer Tesla announced on Monday that it had acquired Bitcoin in January for 1.5 billion dollars (1.25 billion euros) and that it was considering accepting cryptography as a means of payment in the future.

The social network Twitter also said on Wednesday, when publishing its results, that it was considering using Bitcoin to pay its employees or business partners.

Mastercard and BNY Mellon embrace cryptography – Finance & Markets News
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