The payments giant Mastercard had started a service to figure out how risky crypto exchanges were before.
CNBC reported on Monday that payments giant Mastercard (MA) has teamed up with cryptocurrency trading platform Paxos to offer a program that will help banks offer cryptocurrency trading.
The report says that Mastercard will make sure that banks follow the rules and are safe. The payments company had already started a service that lets issuers figure out how risky cryptocurrency exchanges are.
Parikshit Mishra is the news editor for CoinDesk in the middle of the night in Asia and early in the morning in Europe. He doesn’t own any type of cryptocurrency.
CNBC reported on Monday that the payments giant has teamed up with cryptocurrency trading system Paxos to make a program that will help banks offer cryptocurrency trading.
The report says that Mastercard will be in charge of making sure that financial institutions follow the rules and are safe. The company that handles payments had already started a service that lets providers look at the risk account of crypto exchanges.
“There are a lot of customers who are really interested in this and also curious about crypto, but they would feel a lot more secure if their banks offered these services,” Jorn Lambert, Mastercard’s chief electronic policeman, told CNBC. “Some people are still a little scared by it.”
The report says that Mastercard will help financial institutions follow crypto conformity rules, verify transactions, and offer anti-money laundering and identity surveillance services.
CoinDesk asked both Mastercard and Paxos for a comment, but neither company got back to them quickly.
