Mastercard To Help Banks Offer , Cryptocurrency Trading to Their Clients.
CNBC reports that Mastercard is announcing a new program where it will serve as a "bridge" between crypto trading platform Paxos and banks.
The two companies will oversee regulatory compliance
and security, which many banks have previously cited
as reasons for not wanting to delve into crypto.
According to Mastercard's chief digital officer, 60% of consumers who are considering crypto would feel more comfortable exploring options with their existing banks. .
There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions. , Jorn Lambert, Mastercard’s chief digital officer, to CNBC.
It’s a little scary to
some people still, Jorn Lambert, Mastercard’s chief digital officer, to CNBC.
CNBC reports that if banks take Mastercard up on its offer, it could mean more competition for exchanges such as Coinbase.
CNBC reports that if banks take Mastercard up on its offer, it could mean more competition for exchanges such as Coinbase.
Mastercard intends to pilot its
crypto services in Q1 of 2023.
If everything goes as planned, the company will "crank the handle" and expand the service