Over the past few years, a large number of enterprises have entered the crypto-verse. The appearance of prominent payment companies Mastercard and PayPal startled a lot of people. In the midst of this, the bear market encouraged community speculation about these corporations’ impending exodus. However, it appears that Mastercard is intensifying its interest in cryptocurrency.
The firm has recently announced its latest initiative of offering support for financial institutions to offer crypto trading. As per recent reports, the firm is said to oversee regulatory compliance as well as security for banks.
The payments giant has teamed up with prominent crypto trading platform Paxos to carry out its initiative. Mastercard intends to ease the involvement of banks in crypto waters with Paxos through its program that will let the financial institutions offer cryptocurrency trading to their clients.
The payments giant will act as a bridge between Paxos, a crypto trading platform already used by PayPal, and banks.
Mastercard’s program will handle regulatory compliance and security, two core reasons banks cite for avoiding the asset class.
Jorn Lambert, Chief Digital Officer at Mastercard, noted that 60% of participants preferred to start their cryptocurrency journey with their current banks rather than exchanges.
Mastercard appears to have created its most recent project in accordance with this need. Lambert elaborated on the same, saying,
“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. It’s a little scary to some people still.”
He added, “It’s hard to believe that the crypto industry will truly go mainstream without embracing the financial industry as we know it.”