Mastercard is launching a program that allows financial institutions to offer cryptocurrency trading to their customers.
Mastercard will act as a bridge between banks and Paxos, the crypto trading platform currently used by PayPal.
Mastercard to Create a Bridge Between Banks
Mastercard aims to provide easier access to cryptocurrencies by collaborating with banks.
Mastercard, the bridge role; He said his goal is to keep banks on the right side of regulation by complying with crypto compliance rules, verifying transactions, providing anti-money laundering and identity tracking services.
The service will be piloted in the first quarter of next year, after which work will be ramped up to expand to more regions. It has not been specified which banks have signed up so far.
Jorn Lambert, Mastercard’s chief digital officer, told CNBC:
“There are a lot of consumers interested in crypto, but for some people it seems a little scary. He would feel much more secure if these services were offered by his financial institutions. It’s hard to believe that the crypto industry will truly go mainstream without embracing the financial industry as we know it. As regulation comes in, there will be a higher degree of security for crypto platforms and we will see many of the current issues resolved in the years to come.”
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