Mastercard to Provide Banks with Tools to Access Cryptos
Payment giant Mastercard will team up with Paxos to broker the launch of cryptocurrency trading for traditional financial institutions.
According to the company CTO:
“There are a lot of consumers who are really interested in cryptocurrencies. They would feel a lot more confident if their banks provided these services.”
According to the survey, 60% of respondents belonged to this category.
Banks have been slow to meet demand because of the necessary regulatory and technical competencies.
Under the initiative, Mastercard will act as a “bridge” between financial institutions and the Paxos digital asset platform. The necessary level of security and regulatory compliance (AML/KYC) will be ensured.
The tests of the product is scheduled for the first quarter of 2023.
