Mastercard’s working on program that will help banks with crypto trading, regulatory compliance, and meeting security requirements.
According to a new reporting by CNBC, Mastercard plans to serve as a bridge between banks and crypto infrastructure firm Paxos to make it easier for clients of the banks to access digital assets or crypto.
Mastercard says the program aims to take care of the regulatory and security requirements associated with virtual assets for the banks. The company says regulations and security are the core reasons that many financial institutions currently choose to stay away from offering crypto access to their clientele.
Mastercard’s chief digital officer Jorn Lambert, stated to CNBC that the credit card powerhouse is launching the program because consumer demand for crypto investing through banks is on the rise.
“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.”
Lambert also added that a recent poll showed that about 60% of those surveyed would prefer to try investing in crypto assets through the safety of their banks. Lambert also expressed confidence in the crypto markets future specifically after regulation provides further clarity to the space.
He then added “It would be shortsighted to think that a little bit of a crypto winter heralds the end of [the industry] – we don’t see that. As regulation comes in, there is going to be a higher degree of security available to the crypto platforms and we’ll see a lot of the current issues getting resolved in the quarters in the years to come…