PURCHASE, N.Y.—Mastercard is reportedly working to bring cryptocurrency to the consumers by making it easier for banks to get involved.
The payments giant plans to announce a program that will help financial institutions offer cryptocurrency trading, according to CNBC, which said Mastercard will act as a “bridge” between Paxos, a crypto trading platform already used by PayPal to offer a similar service, and banks.
“Mastercard and Paxos will handle regulatory compliance and security, two core reasons banks cite for avoiding the asset class,” according to the report.
Mastercard’s chief digital officer said polling still shows demand for the asset, but roughly 60% of respondents said they would rather test the waters through their existing banks, CNBC said.
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