#CryptoCorner Episode 427: PayPal (NasdaqGS: $PYPL) Selects Paxos for #Crypto Trading Service, Mastercard (NYSE: $MA) Expands Crypto Program with Wirex
Point Roberts, WA, Delta BC July 20, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Stocks discussed: (NasdaqGS:PYPL) (NYSE:MA) (NYSE:MUFG)
CoinDesk reports that PayPal (NasdaqGS:PYPL) has selected crypto startup Paxos as a means to introduce a new crypto trading service, “according to two people familiar with the matter.” Specifically, this will likely involve a partnership with Paxos Crypto Brokerage, which can deliver the former’s crypto trading services. Paxos Crypto Brokerage launched last week, with the announcement of Revolut US, “the American division of the U.K.-based fintech firm that offers bitcoin trading,” as its first customer. A formal announcement of this news from PayPal may be expected this week sometime, according to one source.
Mastercard (NYSE:MA) today announced the expansion of its cryptocurrency program, inviting cryptocurrency and crypto card partners to its Accelerate program. It was also announced that digital payment platform Wirex has become “the first native cryptocurrency platform to be granted a Mastercard principal membership, allowing it to directly issue payment cards.” Pavel Matveev, CEO and co-founder of Wirex, commented:
“We are very excited for Wirex to be the first crypto-native company granted principal membership from Mastercard. It represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators and will help us to realize our vision of empowering everyone to experience a world where all currencies, traditional and crypto, are equal.”
Reuters reports that Japan’s central bank, the Bank of Japan (BOJ), has created a team to look into central bank digital currency (CBDC). This move was likely influenced “from heightening demand for cashless payments and growing moves by its global peers to eye issuance of such currencies,” according to the article.
Elsewhere in Japan, the country’s fifth-largest bank, Mitsubishi UFJ Financial Group (NYSE:MUFG) plans to issue its own digital currency in Q2 2020, according to a report from Cointelegraph. This was originally announced by the bank’s CEO Hironori Kamezawa, and will reportedly be coupled with the launch of a “mobile retail payments powered by the digital currency in collaboration with its partner, the Recruit Group.”
Sam Mowers, Investorideas
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