Big news from Mastercard
Back in October, I glowed about the news that PayPal would allow users to buy cryptocurrencies and this could be the next leg:
Mastercard says it's bringing crypto to its network.
"We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network," the company said.
The release doesn't say which assets will be support but surely one will be bitcoin, which is at the highs of the day, up 7% to $48,000.
They do say that stablecoins won't be supported.
To be completely clear, not all of today's cryptocurrencies will be supported on our network. While stablecoins are more regulated and reliable than in the recent past, many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they won't meet our requirements
This is huge news and I think it will spark another leg higher in crypto.
It's coupled with a report that BNY Mellon will also begin adding custodial services for bitcoin and other cryptocurrencies for clients, a move that's been rumored for awhile.
"Digital assets are becoming part of the mainstream," said Roman Regelman, chief executive of BNY Mellon's asset-servicing and digital businesses.
That says it all.