Digital payment service giant, Mastercard, is launching a program that will allow mainstream banks to offer cryptocurrency trading to their customers.
According to reports by CNBC, Mastercard’s new venture will see them act as a middleman between banks and the cryptocurrency trading platform Paxos Trust Co. This new arrangement is similar to the one that allows users to trade cryptocurrencies through PayPal, who also use Paxos to facilitate trades.
Mastercard has said that it will act as a “bridge” between Paxos and banks and will handle regulatory compliance and security – which are two of the main reasons for banks’ reluctance to cryptocurrencies.
Mastercard has called its product “Crypto Source” and has said that it will kick off by offering it in the U.S., Israel, and Brazil early next year as a pilot program according to Mastercard’s President of Cyber and Intelligence, Ajay Bhalla.
This new service offered by Mastercard however may help cryptocurrencies gain more mainstream adoption. Bhalla added that being able to buy crypto “from your own bank where you have your bank account is a very big need from the market and something consumers want.”
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Ethereum price started a decent increase
Ethereum formed a base above the $1,260 level and started a decent increase, similar tobitcoin price. ETH was able to climb higher above the $1,280 and $1,300 levels.
There was a break above the 50% Fib retracement level of the key drop from the $1,344 swing high to $1,262 low. Ether price is now trading above $1,320 and the 100 hourly simple moving average. It seems like thebulls are in control above the $1,320 level.
It is also trading above the 76.4% Fib retracement level of the key drop from the $1,344 swing high to $1,262 low. Besides, there is a major bullish trend line forming with support near $1,315 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,340 zone or the last swing high. The first major resistance is near the $1,350 level. A clear upside break above the $1,350 resistance zone could open the doors for more gains. In the stated case, the price may perhaps rise towards the $1,400 resistance.
Source:ETHUSD on TradingView.com
Hourly MACD gains momentum in the bullish zone
Hourly RSI is above the 50 level
Major Support Level – $1,300
Major Resistance Level – $1,350
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