Mastercard will reportedly assist financial institutions looking to offer cryptocurrency trading by acting as a 'bridge' between the crypto platform Paxos.
Mastercard will help traditional financial institutions offer cryptocurrency trading by acting as an intermediary with Paxos, and providing regulatory compliance and security, according to CNBC.
Mastercard will assist financial institutions looking to offer cryptocurrency trading, the payments giants The product will reportedly be piloted in the first quarter of 2023 before expanding to other locations. However, according to the report, clients would rather start by going through traditional banks, which have been reluctant to enter the crypto-trading space due to compliance and security concerns — hence Mastercard's interest in stepping in. The company will assist in maintaining compliance with crypto-related rules, verify transactions, and provide anti-money-laundering and Know Your Customer checks.
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