Mastercard, BNY Mellon Embrace Crypto; Amazon Floats ‘Digital Currency’ Project

Three trends

1. Crypto infrastructure is being laid down across the banking, tech and financial sectors.

  • BNY Mellon, the world’s biggest custodian bank, will allow customers to custody crypto by the end of the year. It’s working with unnamed outside partners to build out the offering, according to CoinDesk’s Ian Allison.
  • Mastercard plans to support digital currency transactions directly on its massive network, and allow merchants that opt in to participate directly in the crypto economy, CoinDesk’s Danny Nelson reported. “Our philosophy on cryptocurrencies is straightforward: It’s about choice,” Mastercard Executive Vice President for Blockchain and Digital Asset Products Raj Dhamodharan wrote in a recent blog.
  • Amazon is preparing to launch a “digital currency” project in Mexico, Nelson also reported. The e-commerce giant has posted a number of job offerings, describing the project, spearheaded by Amazon’s Digital and Emerging Payments (DEP) division, as a way for customers “to enjoy online services including shopping for goods and/or services like Prime Video.”
  • Uber is considering adding crypto payment options, if there is a clear benefit, CEO Dara Khosrowshahi said on CNBC Thursday. The ridesharing giant is a member of the Diem (formerly Libra) Association, which is developing a payments network. Khosrowshahi shot down the idea of adding bitcoin to the company’s balance sheet.
  • Enterprise software provider R3 has launched a new computing platform called Conclave to bring privacy to sensitive business data, aimed at financial institutions. “[Conclave] paves the way for a new generation of trusted services that can detect fraud, reduce cost, build high-value multi-party analytics and more – where the owners of the data control how it is processed,” R3 said.

2. U.S. regulators are flexing their crypto knowledge.

They’re showing both an appreciation for blockchain technology as well as concern for what these new tools mean for the global…

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