Mastercard Launch A New Program To Aid Banks Offer Crypto Services to Their Customers

Mastercard Launch A New Program To Aid Banks Offer Crypto Services to Their Customers.

In a new program, MasterCard will help banks provide customers with cryptocurrency trading services.

As reported by CNBC, Mastercard will act as a bridge between banks and blockchain infrastructure firm Paxos in order to simplify accessibility to digital assets for the masses.

The Aim of The New Program

With the program, MasterCard says it will handle regulations and security requirements associated with virtual assets. The firm says crypto products are not offered by most financial institutions due to regulations and security concerns.

Read More: South Korea To Allow Its Citizens To Use Blockchain-based Digital ID by 2024 

In an interview with CNBC, Mastercard’s chief digital officer, John Lambert said the company launched the program due to an increase in consumer demand for crypto investments through 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,” he said.

“It’s a little scary to some people still,” he added.

The Increasing People Who Want To Try Investing in Crypto

Approximately 60% of respondents in a recent poll preferred to invest in crypto assets through their banks, Lambert says.

As Lambert also points out, the current crypto bear market is not a sign that crypto is doomed, and regulatory clarity will gradually produce better security measures needed for the mass adoption of crypto.

Read More: Mastercard Executive Says The Firm to Use Full Potential of Crypto Asset 

In addition, the executive believes that the crypto industry cannot succeed without embracing traditional finance.

“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,” he said,

“It’s hard to believe that the crypto industry will truly go mainstream without embracing the financial industry as we know it,” he detailed.

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Jamilatul Mahmudah

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