Mastercard has partnered with Paxos to act as an intermediary for traditional financial institutions to launch crypto trading.
The company’s Chief Digital Officer Jorn Lambert has said in an interview with CNBC:
“There are a lot of consumers who are really interested in cryptocurrencies. They would feel much more confident if their banks provided these services.”
According to the survey, 60% of respondents fall into this category.
Banks were in no hurry to meet the demand due to the necessary competencies in the regulatory and technical areas.
As part of the initiative, Mastercard will act as a “bridge” between financial institutions and the Paxos digital asset platform. The necessary level of security and compliance with regulatory requirements (AML/KYC) will be ensured.